© Dukascopy Bank SA
- Citi (based on Business Recorder)
Pair's Outlook
The Aussie suffered from falling oil prices more than anticipated, as the immediate support failed to hold the losses, causing the trade to close at 0.7266 yesterday. In spite of bullish technical indicators, the AUD/USD is likely to sustain another decline, amid weakened Chinese imports data (as Australia's biggest export market is China). The Antipodean currency is now facing a rather strong support cluster, represented by the 20, 55 and 100-day SMAs, as well as the monthly PP and weekly S1, which altogether should limit the losses and prevent the pair from dropping too far below 0.72.
Traders' Sentiment
Bullish market sentiment remains unchanged at 74%, whereas the portion of orders to buy the Aussie fell back from 60 to 45%.
© Dukascopy Bank SA