- Goldman (based on Reuters)
The bearish trend persisted, as the Aussie weakened against the US Dollar again. The Australian Dollar settled at the Bollinger band, after reaching the weekly S1 at 0.7731, as was anticipated. According to the Aussie's three-week trend, we should see more bearish momentum today, despite mixed technical indicators. The weekly S1 is now the closest support level, which is also bolstered by the Bollinger band at 0.7716. Nevertheless, there is no catalyst to influence the pair today, and the 0.77 psychological level is the worst-case scenario.
Bulls keep growing in number, as 74% of traders are now long the Aussie. The share of buy commands edged up from 55 to 59%.