- BNP Paribas (based on Reuters)
The Aussie managed to inch up on Thursday, in spite of all expectations. The 20-day SMA proved to be too difficult to pierce, as it pushed the AUD/USD 20 pips higher. Nonetheless, we still expect the Australian Dollar to sustain losses by the end of the trading week. Several strong resistances lie in the range from 0.7760 to 0.7810, whereas the pair is not supported as strong from below. The 20-day SMA remains the nearest support, but the weekly PP should be more reliable. However, we should not rule out the possibility of the PP being crossed if the fundamentals pleasantly surprise.
Today 74% of traders hold long positions (previously 75%). The share of orders to acquire the Aussie increased from 46 to 58%.