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    AUD/USD gravitates back towards 0.76

    © Dukascopy Bank SA
    "As mentioned yesterday, a daily closing above 0.7620 would indicate a resumption of the bullish AUD trend (neutral only for one day). The target from here is at 0.7740. Support is at 0.7590 but only a move below 0.7520 would indicate that a short-term top in place." 
    - UOB (based on FXStreet) 

    Pair's Outlook 
    The Aussie had another day of good performance yesterday, as it climbed over the 0.76 major level and established a new eight-month high of 0.7647. The AUD/USD currency pair appears to be struggling to edge above the 0.7650 mark, but the weekly R1 is providing immediate support at 0.7634, somewhat preventing the pair from falling deeper down. Meanwhile, the weekly R2, the upper Bollinger band and the July 2015 high form a substantial resistance cluster circa 0.7720, but a surge beyond the 0.77 major level is unlikely, even though technical studies also support the possibility of the positive outcome. 

    Traders' Sentiment 
    There are 68% of traders holding long positions today, compared to 69% on Thursday. A rather large portion of all pending orders are to sell the Aussie, namely 79% (previously 63%).
    © Dukascopy Bank SA

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