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    AUD/USD sets eye on April low

    © Dukascopy Bank SA
    "We think the RBA will maintain language on the currency that Governor Steven repeated in a speech this week: namely, that a further decline in the AUD is both necessary and likely." 
    - RBS (based on FXStreet) 


    Pair's Outlook 
    After some volatility to the downside, the AUD/USD remained flat on Thursday. Nevertheless, the Aussie is expected to sustain more losses today, as the poor fundamental data weakened the currency. The Bollinger band and monthly S1 are unlikely to provide sufficient support, therefore, the Australian Dollar could decline not just only to the April low, but also fall beyond the 0.75 psychological level. Meanwhile, technical studies retain their bearish signals, also suggesting the given pair is to experience more weakness today. 

    Traders' Sentiment 
    Traders' sentiment slightly weakened, but remains bullish at 71%, compared to 72% yesterday. The portion of buy orders, however, increased from 53 to 59%.
    © Dukascopy Bank SA

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