- Westpac Global Strategy Group (based on WBP Online)
The AUD/USD pair behaved according to expectations yesterday. A rally took place, whereas the weekly PP lacked the strength to stop it, as the Australian Dollar closed trade at 0.7744. On Thursday, the Aussie is likely to trip again, despite worse-than-expected US Jobless Claims. A strong cluster, represented by the 55-day SMA and the monthly PP, at 0.7705 provides strong support; however, it might not be enough to prevent a fall towards the 20-day SMA. Technical indicators are still giving mixed signals in the daily timeframe.
Today 70% of traders are long the Aussie, compared to 67% yesterday, while 37% of all commands are to acquire the Australian Dollar (previously 32%).