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- RBC Capital Markets (based on CNBC)
Pair's Outlook
Last Friday the AUD/USD currency pair suffered a 95-pip loss, amid global oil overproduction and, thus, lower prices for black gold. The Aussie made another attempt to edge lower earlier today, but the immediate support cluster around 0.7180 prevented that from happening and is likely to continue doing so. At the moment of writing the Antipodean currency is glued to the 0.72 major level, but remains subject to weakness. Technical studies, however, retain bullish signals, suggesting the resistance at 0.7232 in face of the weekly PP and 20-day SMA could be reached by day's end.
Traders' Sentiment
Bullish market sentiment return to last Thursday's level of 74%, whereas the share of purchase orders dropped from 53 to 42%.
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