- A dealer at an international bank in London (based on CNBC)
On Friday, the AUD/USD currency pair negated last Thursday's gains, but failed to reach the nearest support level at 0.7350. As a result, the Aussie stabilised at 0.7370, remaining vulnerable to more weakness today. The 0.74 major level along with the weekly PP are now providing substantial resistance, while from below the Australian Dollar remains supported by the weekly S1, now at 0.7315. Although technical studies are showing bearish signals and volatility stretched out to 0.7327, immediate support is unlikely to be reached.
Exactly three quarters of all positions are now long, whereas the portion of orders to acquire the Aussie increased from 38 to 43%.