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- TD Securities (based on WBP Online)
Pair's Outlook
The Australian Dollar managed to rebound on Wednesday, as the psychological level of 0.70 along with the Bollinger band proved to be too difficult to breach. Although the immediate resistance was easily pierced, the AUD/USD is still expected to return to the yesterday's opening price, as the fresh five-year low refuses to let the Aussie slip through its grasp. As a result, Wednesday's gains are likely to be erased, while a breach of the 0.70 major level could trigger a decline towards the tough cluster around 0.6955, also bolstered by the April 2009 low.
Traders' Sentiment
Bullish market sentiment returned to last Friday's level of 71%, whereas the portion of buy orders inched up from 31 to 41%.
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