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    AUD/USD trades flat, but sets eye on 0.74

    © Dukascopy Bank SA
    "We're taking a bit of a breather on the trends today, but my feeling is there is still weakness to come. They [RBA] are not getting the benefits yet of the weakness we have already seen in the Aussie and they're still calling for more." 
    - Morgan Stanley (based on CNBC)


    Pair's Outlook 
    Even though the Australian Dollar was just 12 pips away from the immediate support yesterday, it still managed to inch up. Nevertheless, the gains were so insignificant, that the AUD/USD remained somewhat unchanged. Consequently, the Aussie might have trouble falling down today, despite technical indicators retaining their bearish signals. The 0.74 major level, which is also underpinned by the weekly PP, should still limit any possible gains, while the weekly S1 keeps providing support. However, the given pair is unlikely to reach either significant level on Tuesday. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 74%, while the share of buy orders slid from 43 to 42%.
    © Dukascopy Bank SA

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