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    AUD/USD to sustain losses again, April low in sight

    © Dukascopy Bank SA
    "If the Reserve Bank of Australia finds itself debating whether or not to cut interest rates further to support the domestic economy, a crisis in Europe could prompt it to act sooner rather than late." 
    - Capital Economics (based on WBP Online) 


    Pair's Outlook
    The Australian Dollar behaved in accordance with the forecast yesterday, as it edged lower versus its US counterpart. Moreover, the trade closed just under the 0.7640 predicted level, near the lower Bollinger band. The Aussie is expected to experience more weakness today and fall beyond the immediate support. As a result, the AUD/USD is likely to stabilise around 0.7550, but with risks falling even towards the April low at 0.7532. Technical indicators retain their bearish signs, bolstering the possibility of a slump today. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 72% (previously 73%). The majority of orders are now to acquire the Aussie, as their share increased from 28 to 53%.
    © Dukascopy Bank SA

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