- Westpac (based on FXStreet)
The Australian Dollar behaved according to the forecast, as it erased all last week's losses. Nonetheless, the AUD/USD currency pair failed to fall under the 0.76 level, as it provided enough support to limit the losses. The Aussie is expected to resume its bearish trend, while technical studies are bolstering the negative outcome. The weekly S1 at 0.7536 acts as the nearest support, but such a deep fall is unlikely, as the 0.76 psychological level prevented the pair from edging lower before. However, the Aussie will be subject to more weakness once that support area is overcome.
The share of bulls returned to its last Wednesday's level of 73%. The portion of orders to buy the Australian currency slid from 70 to 33%.