- Bank of Montreal (based on Bloomberg)
The Aussie slightly underperformed on Thursday, as the AUD/USD pair failed to close trade within the immediate resistance cluster, despite having reached the channel's upper border. The given cluster keeps providing strong resistance, and if not cause the Antipodean currency to bounce back, then to at least limit the upside volatility. Nevertheless, the outlook is bearish, with technical studies retaining their bearish signals. The nearest support is located just above the 0.69 level, namely the Bollinger band and weekly S1, but the exchange rate is unlikely to drop below 0.6980.
Bulls grew slightly stronger, with 72% of traders being long the Aussie, while the share of sell orders declined from 67 to 60%.