- BNZ Markets (based on WBP Online)
The AUD/USD pair slightly underperformed at the end of last week. After substantial volatility, the Aussie managed to surge, reaching the 0.7960 anticipated area, but closing trade 30 pips lower. Today the Australian Dollar is expected to undergo a correction and decline. The weekly PP at 0.7913 acts as an immediate support, although a dip towards 0.79 psychological level is more likely, since that area prevented the pair from edging lower before. Meanwhile, technical indicators keep showing distinctly bullish signs, conversely.
Market sentiment of SWFX traders improved today, as 71% of all positions are long, compared to 67% on Friday. The portion of buy orders is now in the minority, accounting for only 48%.