- UOB (based on FXStreet)
Last Friday the Aussie dropped 125 pips against its US counterpart, falling to the lowest in five years. The AUD/USD currency pair managed to climb above the 2015 low earlier today, but is struggling to maintain trade at that level, as the weekly PP is providing resistance around it. Meanwhile, the monthly S3 is the closest level to limit the gains, located just above the opening price at 0.6838, whereas the Bollinger band circa 0.6824 is the nearest support. Technical studies retain their mixed signals, implying the Australian currency could retreat from its intraday gains and close under 0.685.
Bullish market sentiment remains unchanged at 73%, while the number of purchase orders added 8% points, climbing up to 37%.