- OCBC Bank (based on CNBC)
The AUD/USD did not present any surprises, as the pair advanced yesterday. However, trade closed just 14 pips under the target level of 0.7460, at the monthly S2. Technical studies are now giving distinctly bearish signals, suggesting the Aussie is to weaken versus its US counterpart and resume its bearish trend. The nearest significant support is located at 0.7350, namely the weekly S1, but we might also see a drop towards the cluster just above the 0.73 psychological area.
Market sentiment returned to its last Friday's level of 74%. Meanwhile, there are now more buy orders, as their portion returned to its last Friday's level as well.