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    AUD/USD bounces off the monthly PP

    © Dukascopy Bank SA
    "The data [Chinese Trade Balance] we had overnight was very much driven by a decline in exports, which is going to be seen as quite a negative factor for the region."
    - Ian Stannard, Morgan Stanley (based on CNBC)

    Pair's Outlook 
    Last Friday, the AUD/USD pair declined, as the monthly PP forced the pair to retreat. The losses were not as sharp as anticipated; however, the Aussie tested the weekly PP at 0.7636 nonetheless. Ultimately, the Australian Dollar stabilised at 0.7670. The technical studies are showing mixed signs, while we still expect the pair to extend the dip. Taking into account the daily fluctuations the currency demonstrated in the last two weeks, Monday may close around 0.7600, and the lower Bollinger band could be tested in the meantime. 

    Traders' Sentiment 
    Slightly more traders are long the Aussie today, namely 63% of them, while a majority (65%) is planning to sell the currency.
    © Dukascopy Bank SA

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