- Action Economics (based on Market Watch)
The Aussie plunged on Monday as anticipated. The Australian Dollar lost some value against the Greenback, ending the trading day at the September 2008 low of 0.78. Even though the 2008 low is backed by the 20-day SMA, the pair is still likely to edge further down, as the technical indicators are showing bearish signs in the short time frames. The closest level strong enough to force the cross to rebound is located around 0.7705, represented by the weekly S2 and lower Bollinger band.
Distribution between the long and short positions was unchanged, as still 61% of traders are bullish. Meanwhile, the number of orders to acquire the Aussie dropped from yesterday's 47% down to 44%.