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- Societe Generale (based on MarketWatch)
Pair's Outlook
Although after some struggle the Australian Dollar managed to overcome the 100-day SMA, the resistance cluster around 0.78 pushed the Aussie back down. As a result, the AUD/USD currency pair even pierced through the weekly PP, before stabilising at 0.7729. Technical indicators are now showing bearish signs, suggesting the pair is to sustain losses for a second day this week. The nearest support rests at 0.7717, namely the 20-day SMA, but a slump under the 0.77 psychological level is more likely.
Traders' Sentiment
Bullish SWFX traders' sentiment returned to its Friday's level of 73%. At the same time, the number of orders to acquire the Aussie lost 20 percentage points. The commands now take up 34% of the market.
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