- Loomis, Sayles &Co. (based on Bloomberg)
In wake of mixed fundamental data results last Friday, the Australian currency ended the day relatively unchanged against its US counterpart. Technical indicators also imply the AUD/USD could remain flat for another day today. Nevertheless, there is sufficient space for the Aussie to drop down to 0.7035—where the two-week support line is located. The weekly and the monthly PPs are somewhat bolstering that up-trend, whereas the closest supply to limit he rally or even cause a trend reversal is located circa 0.7143, represented by the Bollinger band, the 55 and 100-day SMAs.
Bulls remain strong, taking up 72% of the market, whereas the share of orders to sell the Aussie increased from 59 to 64%.