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- ANZ (based on WBP Online)
Pair's Outlook
The Aussie succeeded in outperforming the US Dollar on Thursday, still unable to leave its trading range between the weekly S1 at 0.7145 and the cluster around 0.7256, represented by the weekly PP and the 200-day SMA. The Australian Dollar is now likely to undergo a decline, preserving its current consolidation trend. Technical indicators are also in favour of the bearish outcome; however, a possibility of the bullish momentum prevailing also exists, which could even lead the price towards 0.73 dollars. The base case scenario, nonetheless, is a slump towards around 0.7170.
Traders' Sentiment
Bullish market sentiment returned to its Wednesday's level of 74%, compared to 73% yesterday. The portion of buy orders, however, remains unchanged at 66%.
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