- Westpac (based on FXStreet)
There were no surprises in the Aussie's behaviour on Friday, as the AUD/USD pair suffered serious losses. Although the Australian Dollar managed to pierce the April low, the 0.75 level remained intact. The pair opened trade at 0.7484 today and should be unsuccessful in retaking the 0.75 psychological area, as it is bolstered by the lower Bollinger band today. Meanwhile, technical studies keep showing bearish signs, suggesting the Aussie is to weaken again today. The nearest support rests at 0.7446, namely the monthly S2, but it could be easily pierced if the US fundamentals boost the Greenback.
Bullish market sentiment remains unchanged at 71%, while the number of commands to buy the Aussie declined from 59 to 43%.