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- OCBC Bank (based on FXStreet)
Pair's Outlook
The Australian Dollar put up a fight last Friday, preventing the Greenback from advancing. The pair failed to reach the immediate support and remained relatively unchanged over the day. Nonetheless, the Aussie is still expected to weaken against its US counterpart, but with trade closing near the psychological level of 0.70. The pair could still reach a fresh two-week low of 0.6950, but unlikely to remain below the 0.70 major level for long. Furthermore, the AUD/USD remains within the borders of a descending channel pattern, without any signs of leaving the bearish trend just yet.
Traders' Sentiment
Bullish market sentiment returned to last Thursday's level of 73%. The portion of buy orders added nine percentage points up to 56%.
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