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- Westpac (based on FXStreet)
Pair's Outlook
As expected, the Aussie dropped against its US counterpart for the third consecutive day yesterday, ignoring the immediate support and reaching a fresh one-week low. The pair stabilised in front of the 0.70 major level, but it does not seem to provide any significant support; therefore, the Australian Dollar is likely to slump for the fourth day in a row. Dips should be limited by a cluster, located near 0.6960, represented by the weekly S2 and monthly S1. Technical indicators, on the other hand, are giving bullish signals, contradicting with the forecast.
Traders' Sentiment
Although not as strong as yesterday, market sentiment remains bullish at 73%. The share of buy orders climbed up from 42 to 45%.
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