- Capital Economics (based on WBP Online)
The AUD/USD currency pair behaved in accordance with the forecast, as it declined last Friday. Furthermore, the immediate support was easily pierced, and the Aussie stabilised in front of the Bollinger band at 0.7280. Even though the Bollinger band keeps preventing the given pair from declining further, the Greenback is expected to outperform its Australian counterpart today. Technical studies retain their bearish signals in the daily timeframe and, as a result, the exchange rate could drop as low as 0.72, which is also underpinned by the weekly S1.
Bulls increased their number, as 72% of all positions are now long; while the share of purchase orders inched down from 53 to 32%.