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- OCBC Bank (based on FXStreet)
Pair's Outlook
The AUD/USD declined for the third day in a row on Thursday, but with losses limited by the upper border, the monthly PP, of the support cluster around 0.7055. Yesterday this monthly PP support was tested for the first time during the month, prior to that the AUD/USD held above the 55-day SMA through most of the month. Today the given SMA is providing resistance, keeping the pair below 0.7150, but a breach of the given area is possible if the weekly S2 at 0.7111 gives in.
Traders' Sentiment
Although not as strong as yesterday, market sentiment remains bullish at 73%. At the same time, the number of orders to acquire the Australian currency added two percentage points up to 40%.
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