- Commerzbank (based on Reuters)
The Australian Dollar lacked the strength to breach the resistance cluster around 0.7450, which caused the Aussie to suffer losses yesterday. As a result, Tuesday's gains were completely erased, as the AUD/USD stabilised at Tuesday's opening price. Even though technical indicators keep giving bearish signals, the given pair is still likely to rebound, since the 0.74 level refuses to let it go. Consequently, the weekly PP near the 0.74 psychological level is not expected to hold the rally today, while gains should not exceed 70 pips.
Bullish traders' sentiment returned to last Thursday's level of 71%, while the share of purchase orders inched up from 41 to 45%.