- Credit Agricole (based on CNBC)
The Australian Dollar behaved according to the forecast, as the AUD/USD remained relatively unchanged on Friday. The pair experienced minor volatility and lost two pips as a result, following with a slightly larger decline over the weekend. Moreover, the Aussie is expected to extend its bearish trend, despite mixed technical indicators. The AUD is strongly supported by a cluster of levels around 0.7340, represented by the weekly pivot point and the 20-day SMA, which is likely to limit the losses today.
Both net sentiment and net orders improved today. There are now 74% of long positions, while 41% (five percentage points more) of all orders are to buy the Australian currency.