- Rabobank (based on Reuters)
The Aussie succeeded in outperforming the US Dollar on Tuesday, piercing the immediate resistance cluster, but failing to put the 55-day SMA to the test. A breach of the 55-day SMA is required in order for the AUD/USD currency pair to successfully retake the 0.75 mark, but another bullish development today is doubtful. According to the pair's current trend, the Antipodean currency is to undergo a small correction, before it can continue to edge higher again. In this case the weekly R1 and the Bollinger band form a potential support cluster at 0.7440, which is to prevent the exchange rate from falling deeper down. Technical studies, however, are unable to confirm the scenario.
Now three quarters (75%) of traders are long the Aussie (previously 72%). Meanwhile, the number of buy orders slid from 60 to 49%.