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    AUD/USD continues to edge lower

    © Dukascopy Bank SA
    "Both the RBA and RBNZ are on the sides of optimism and that is a powerful theme for the commodity currencies." 
    - Westpac (based on Business Recorder) 


    Pair's Outlook 
    The Aussie appears to have reached the peak of its recovery in face of the 55-day SMA, as the AUD/USD pair lost the bullish momentum yesterday, having suffered a 42-pip decline. Consequently, the Antipodean currency should experience another sell-off today, with the closest resistance located around 0.7375, represented by the 100-day SMA and the monthly PP. At the same time, a strong resistance cluster is weighing on the pair from above, namely the weekly R1, the Bollinger band and the previously mentioned 55-day SMA. Technical indicators, however, are now giving bullish signals, suggesting that the Aussie could still preserve its recently acquired bullish trend. 

    Traders' Sentiment 
    Now 73% of all open positions are long (previously 72%), whereas the share of orders to acquire the Aussie inched up from 49 to 59%.
    © Dukascopy Bank SA

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