- Reserve Bank of Australia board member (based on Bloomberg)
The AUD/USD cross regained momentum after a small two-day decline from 0.7794 on Friday. At the end of the trading day the Aussie settled at 0.7836, reaching a three-week high. However, despite the technical indicators showing neutral signs, AUD/USD pair is likely to maintain its downtrend movement, as the Australian Dollar edged closer to the upper channel border. Moreover, the border is also backed by a cluster of other significant levels around 0.789, which might cause the currency to bounce back.
Sentiment on the Aussie is distinctly bullish: 61% of traders are long. However, in the 100-pip range there is almost no difference between the buy and sell commands.