- Commerzbank (based on FXStreet)
The Australian currency retreated from its intraday high on Monday, ultimately stabilising at 0.6865. A slowdown in Chinese GDP and Industrial Production triggered a decline towards the monthly S3 today, but losses were quickly erased, due to an increase in oil prices. The closest level to hold the gains rests at 0.6911, represented by the weekly PP; however, a cluster around 0.6985, namely the monthly S2 and the weekly R1, has a better chance to stop the rally. At the same time, technical studies keep giving mixed signals in the daily timeframe.
Market sentiment remains unchanged for the third time in a row, as 73% of traders retain a positive outlook towards the Aussie.