- RBS (based on WBP Online)
As was anticipated, the Australian Currency bounced back from the down-trend yesterday, losing a total of 40 pips over the day. The losses were limited by the weekly and monthly PPs, which might cause a rebound today. However, the rally is unlikely to exceed the 0.7227 level, as that would mean a breach of the down-trend. Meanwhile, the cluster around 0.7130 should limit any dips, even though the AUD/USD is required to pierce the weekly and monthly PPs first. Technical studies retain their mixed signals, unable to confirm either scenario.
Almost three quarters (74%) of all open positions are long today, whereas the number of sell orders dropped down from 58 to 57%.