- Pragmatic Capitalism (based on Market Watch)
The AUD/USD currency pair barely drop back under 0.73 yesterday, as the two immediate supports slowed down the fall. Nonetheless, the Aussie is still expected to decline even further today and even negate the weekly gains. The closest support is located around 0.7250, represented by the lower Bollinger band, but the Australian Dollar could pierce the given level and reach the weekly S1 at 0.7205. Meanwhile, technical studies retain their bearish signals, bolstering the possibility of a slump.
Bullish traders' sentiment returned to its Tuesday's level of 71%. At the same time, the portion of orders to acquire the Australian currency edged lower from 48 to 35%.