- Rabobank (based on WBP Online)
Upbeat US fundamentals only added to AUD/USD weakness on Wednesday, causing the up-trend to get pierced, with trade closing only at 0.7071. Today the Aussie plunged to a four-month low, amid prolonged risk aversion trade, with no drivers present to provide sufficient bullish momentum for a rebound. The final level to stop the Australian Currency from sustaining even sharper losses is located at 0.6967, namely the monthly S1, which is also the final frontier before the Antipodean currency slumps towards the 2015 low at 0.6907.
Bullish traders' sentiment remains unchanged at 71%, while the portion of orders to sell the Australian Dollar slid from 67 to 64%.