- UOB Group (based on FXStreet)
The Aussie ended the previous week lower against the American Dollar, but unable to edge below the 0.75 psychological level. Today the 0.75 major level is reinforced by the 20-day SMA, while the upper target is represented by the weekly pivot point and the monthly R3 around 0.7550. There is a possibility of the AUD/USD surging towards 0.76, where the weekly R1 is expected to provide sufficient resistance to limit the gains. Even though technical studies are in favour of this scenario, there is still a chance the bears can take over and cause the Australian currency to pierce the immediate support.
Bulls still take up a rather large part of the market, namely 71%, compared to 70% on Friday. Meanwhile, the number of buy sell orders surged from 34 to 55%.