- UOB Group (based on FXStreet)
The AUD/USD currency pair negated all intraday gains on Tuesday, ending the day with a slight decline back under the 55-day SMA. Nevertheless, with risk-appetite still resent on the markets, the Aussie is gaining the upper hand against the US counterpart today. Consequently, the pair has the potential to reclaim the 0.75 major level. The weekly R2 and the Bollinger band are to limit any substantial gains if reached, as they form a tough resistance area around 0.7545. Moreover, technical indicators retain bullish signals in the daily timeframe, bolstering the possibility of the positive outcome.
For the first time in a long time market sentiment became bearish, with 54% of all open positions being short (previously 74% long). However, the share of buy orders increased from 69 to 76% over the day.