- Commonwealth Foreign Exchange Inc. (based on Bloomberg)
Last Friday the Australian currency experienced substantial volatility, but the immediate support in face of the monthly R1 was able to leave the exchange rate relatively unchanged. The broadly stronger US Dollar is outperforming its Australian counterpart with ease today, with the two immediate supports already pierced and price holding below the 0.73 major level. Even though technical studies are giving bullish signals, the base case scenario is still a decline, but with trade closing around 0.7310.
Almost three quarters (74%) of traders are holding long positions today (previously 70). The number of purchase orders is also in the majority. The commands now take up 60 of the market.