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– Westpac Banking Corp. (based on Business Recorder)
Pair's Outlook
The Aussie unexpectedly retreated from its intraday high on Tuesday and closed just under the 0.77 mark, therefore, preserving the resistance trend-line. The US Dollar continued to experience a broad recovery today, which put pressure on the commodities and, thus, commodity-based currencies. The weekly PP at 0.7669 is the closest support, but a drop much lower is more probable. The second area to limit the losses rests out of reach around 0.7580, formed by the 20-day SMA, the weekly S1, the monthly PP and the four-month up-trend. Meanwhile, technical indicators are unable to confirm the outlook, as they keep giving bullish signals.
Traders' Sentiment
Market sentiment remains bearish, taking up 70% of the market. At the same time the share of buy orders surged from 36 to 63%.
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