- Societe Generale (based on CNBC)
Even though the AUD/USD currency pair stretched out above the 0.80 level, it still closed trade only at 0.7952. The Aussie did not appreciate too much against the US Dollar, only 24 pips, as was foretold. Today the Australian Dollar is expected to rise again, as technical indicators are distinctly bullish. Immediate resistance retains its position around 0.8004. If the US fundamentals turn out to be a lot worse than anticipated, the given pair might even surge towards the 200-day SMA, erasing last week's losses.
Bulls keep growing in number, as 68% of all positions are now long, compared to 67% yesterday. Meanwhile, the portion of buy commands increased from 49 to 59%.