- Westpac Banking Corporation (based on WBP Online)
The Aussie slumped for the third consecutive day this week, as was anticipated. The 0.77 psychological level was crossed, as the AUD/USD pair plunged almost to the 0.76 area. However, the weekly S2 at 0.7651 managed to prevent the Australian Dollar from falling deeper, but more weakness is expected today. The nearest support is still located around the weekly S2, but a fall towards the 0.76 level is not out of the question. Meanwhile, technical studies are giving bearish signs, bolstering the negative outcome.
Bullish market sentiment weakened again, as only 70% of all positions are long today (previously 71%). The share of purchase orders also decreased. Now 63% of all orders are to sell the Aussie.