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    AUD/USD sets eye on 0.74

    © Dukascopy Bank SA
    "Further depreciation [of AUD] seems both likely and necessary, particularly given the significant declines in key commodity prices." 
    - RBA (based on WBP Online) 

    Pair's Outlook 
    Although the Aussie attempted to edge higher yesterday, the April low pushed the AUD/USD back down. As a result, the Australian Dollar sustained minor losses, unable to reach the immediate support at 0.7446. Today the Aussie is expected to edge even lower and even pierce through the closest support cluster, represented by the Bollinger band and monthly S2. The potential target is the 0.74 level, but the earlier mentioned support cluster is likely to slow down the fall. Technical studies, however, are now showing mixed signs, unable to confirm the scenario. 

    Traders' Sentiment 
    Bulls keep growing stronger, as 74% of all positions are now long. The number of purchase orders slightly improved, from 43 to 44%.
    © Dukascopy Bank SA

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