- Praevidentia (based on Bloomberg)
Following a sharp fall on Thursday, the Aussie managed to gain some value last Friday. However, AUD/USD edged up only nine pips before it met resistance. The Australian Dollar settled at 0.7807, just under the weekly PP, which prevented the pair from advancing further. Moreover, things are not looking good for the Aussie, as the technical indicators are mostly bearish, meaning the currency is likely to decline during the week. There are only two supports strong enough to turn the tide, which are located around 0.7725 or 0.7650.
Bull/bear ratio remains unchanged since Friday, as 63% of traders are optimistic regarding the Aussie. The number of commands to acquire the Australian Dollar surged from 32% to 44%.