- RBA (based on Bloomberg)
The Aussie slumped more than anticipated yesterday, as the immediate support was pierced and the AUD/USD currency pair even reached the 0.70 major level. Even though technical studies are giving bearish signals today, the Australian Dollar is still expected to remain relatively unchanged, as it is surrounded by the weekly S1 from the upside and the Bollinger band from the downside, both limiting the volatility. Furthermore, poor US fundamental data weakened the Greenback, allowing the AUD to edge closer to the weekly S1 at 0.7029, where it should remain.
Although not as strong as yesterday, but traders' sentiment remains bullish at 73%. The share of buy orders declined from 43 to 31%.