- UOB (based on FXStreet)
The Australian Dollar edged lower against its US counterpart on Thursday, driven by a mild decline in oil prices. As a result, the up-trend was once again retested, which is now on the brink of existence, as one of the RBA board member's comments drove the AUD/USD lower today. The exchange rate is unlikely to completely recover from the intraday losses, therefore, we should see the second support area, namely the 20 and the 55-day SMAs, prevent further depreciation. Consequently, the next target from here rests at 0.7070, represented by the weekly and the monthly PPs.
Bullish traders' sentiment returned to its previous Friday's level of 70%, compared to 73% yesterday.