- Westpac (based on FXStreet)
The Australian Dollar declined against the Greenback yesterday, but not as much as anticipated. The Aussie was able to reach the 0.7640 level, but by day's end stabilised 20 pips above the 0.77 support cluster. This cluster is expected to turn the tide and force the AUD/USD pair to appreciate today, negating weekly and, possibly, two/three-week losses. The reason for this is the strong resistance cluster near 0.78, which is represented by four important levels. Meanwhile, daily technical indicators retain bearish signals, unable to confirm the positive outcome.
Market sentiment improved, with 74% of traders being long the Aussie, whereas the portion of buy orders edged up from 47 to 67%.