Technical Analysis – AUD/USD breaks weekly R1 at 0.9427
Pair’s Outlook
The Aussie has not looked back since it received a bullish impetus from the monthly PP at 0.9369 yesterday. The next resistance level (the weekly R2) is slightly higher at 0.9460, it together with the Bollinger Bands could slow down the pace of the current advance. In last couple of days the pair gained almost 100 pips and that changed the daily technical indicators outlook to more bearish. We expect the pair could appreciate slightly higher; however, we are doubtful that it could surpass this year’s high at 0.9507.
Traders’ Sentiment
The difference between the amounts of long (52%) and short (48%) positions remains negligible, meaning the sentiment is neutral. In the meantime, the share of buy orders grew from 25% up to 47%.
Source: Dukascopy
