- Commerzbank (based on FXStreet)
The Australian Dollar weakened against the US Dollar yesterday, with trade closing at the 0.76 major level. Today the weekly PP acts as the closest resistance, but the Aussie still risks falling under the 0.76 level. Immediate support is represented by the 20-day SMA and the weekly S1, but in case the AUD/USD pair edges lower, the monthly PP just under the 0.75 psychological level is expected to provide sufficient support and prevent the pair from declining. The Antipodean currency still has the potential to erase intraday losses and even partially negate Monday's losses, as technical indicators in the daily timeframe suggest.
Although not as strong as yesterday, but market sentiment remains bullish at 58% (previously 63%). At the same time, the number of orders to acquire the Aussie increased from 54 to 65%.