- UOB (based on FXStreet)
The AUD/USD currency pair closed trade with a strong rally on Wednesday, having almost completely negated Tuesday's decline. The Aussie is somewhat struggling to easily climb over the 0.7540 level, thus, more bullish momentum today might not be possible, despite technical indicators giving positive singles not only in the daily, but now also in the weekly timeframe. The exchange rate is anchored around the 0.75 major level, therefore, another plunge today would be a perfect outcome. The nearest support is expected to remain intact, still located around the 0.7445 area.
Nearly three quarters (74%) of traders are now short the Australian Dollar, compared to 71% on Wednesday. At the same time, the share of buy orders edged higher from 24 to 51%.