- BNP Paribas (based on WBP Online)
Yesterday, the Australian Dollar plunged for the second day, instead of posting an expected rally. The 55-day SMA failed to stop the pair's fall and, as a result, AUD/USD retreated down to 0.7843. A further slump is likely to occur again today, although the technical indicators remain mixed. The Aussie is to find support around 0.7780, where the monthly PP lies.
Traders' sentiment stays positive, although one percentage less (66%) of participants are long the Australian currency than a day ago. The percentage of commands to acquire the Aussie shifted to the bullish side, as 61% of orders are now set to acquire the Australian Dollar against its US counterpart.