- Samsung Futures (based on Business Recorder)
A decline in oil prices caused the Australian Dollar to edge lower against the US counterpart, but with the monthly PP once again providing substantial support. Consequently, the AUD/USD currency pair is now expected to rebound, but some difficulties may arise, as it now finds itself in a rather tight range between the monthly PP from the downside and the 100-day SMA and the weekly PP from the upside. Technical indicators are bolstering the possibility of the positive outcome with their bullish signals, but due to the tough resistance cluster the pair might add just over ten pips.
Today there are 72% of traders being long the Aussie, compared to 73% on Friday. Meanwhile, the portion of orders to sell the Australian currency inched up from 41 to 66%.