- ANZ (based on WBP Online)
The Aussie weakened against the US Dollar on Wednesday, mainly due to positive US fundamentals and hawkish comments of Fed officials. The Greenback is likely to keep outperforming its Australian counterpart, with the closest support now located just under the 0.7450 psychological level. Demand around that area is strong and should keep the AUD/USD currency pair above the 0.74 major level. However, according to technical indicators, the Aussie has the potential to rise back above the 0.76 mark if the resistance cluster around 0.7560 gives in and the bullish momentum returns.
There are 71% of traders now holding long positions (previously 71%). Meanwhile, the number of orders to buy the Aussie lost another percentage point. The orders now take up 60% of the market.