- Capital Economics (based on WBP Online)
Even though the AUD/USD currency pair inched closer to the 0.74 major level, the ultimate movement was still to the downside. The ISM Non-Manufacturing PMI data strengthened the Greenback and caused the given currency pair to breach the immediate support and even test the second one. The Aussie is expected to sustain losses again today, as technical studies retain their bearish signals. The closest support is to be pierced, while the second one at 0.73 will doubtfully be reached. As a result, trade is likely to close around 0.7315, unless the US fundamentals disappoint too much.
Bullish market sentiment returned to its Tuesday's level of 73%, whereas the share of purchase orders increased from 41 to 51%.