- Niels Christensen, Nordea (based on Reuters)
Even though the AUD/USD currency pair experienced a more than 200-pip move to the downside, the exchange rate still managed to stabilise at 0.7174. With the anxiety over China easing, the Aussie is expected to regain the bullish momentum. However, immediate resistance Is now located around 0.7210, represented by the weekly S1 and the lower Bollinger band, somewhat also bolstered by the 0.72 major level. The Antipodean currency is likely to experience trouble piercing the cluster, unless the Greenback sustains more weakness due to poor fundamental data results.
Bullish traders' sentiment returned to its Thursday's level of 75%, whereas the number of sell orders edged higher from 65 to 68%.