- Bank of Tokyo-Mitsubishi (based on WBP Online)
The AUD/USD tested the monthly PP last Friday, but suffered a decline, amid strong US Payrolls data. As a result, the pair breached the up-trend and found support only in face of the Bollinger band and weekly S1 around 0.7040. A correction is expected to occur today, helping the Aussie to restore some value against its US counterpart. Although the Bollinger band is the nearest resistance today, the weekly PP is the main target, despite chances of it getting reached being low. Meanwhile, technical indicators are giving bearish signals, suggesting the pair might fall below 0.70.
The share of buy orders returned to last Monday's level of 72%, while the percentage of sell orders now takes up 59% of the market.