- Goldman Sachs (based on Bloomberg)
Yesterday demand in face of the monthly S2 caused the Aussie to recover against the US Dollar and erase Monday's losses completely. Today the monthly S2 is also bolstered by the 100-day SMA, unlikely to allow the exchange rate to edge lower. The interim target is the 0.74 major level, located on the path towards the closest resistance cluster, represented by the monthly S1. However, technical indicators insist the AUD/USD currency pair is to weaken today, thus, a possibility of a slight bearish development persists, but with the 0.73 major level expected to remain intact.
Bullish traders' sentiment remains unchanged, with 75% of all open positions being long. There are 60% of pending orders to purchase the Aussie, unchanged since yesterday.