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– Reserve Bank of Australia (based on Bloomberg)
Pair's Outlook
The Australian Dollar retreated against the US Dollar by mid-Thursday, as the currency exchange rate fell down and reached a significant support cluster. The support cluster is made up of the first weekly and monthly support levels at, respectively, 0.7207 and 0.7206. In addition, the lower Bollinger band is a part of the cluster, as it has moved in on, while being just below the currency exchange rate at 0.7214. It is unlikely that the support cluster will be passed during today's trading session, as the rate has fallen significantly in the past weeks by bending the Bollinger bands.
Traders' Sentiment
There are 54% traders being short on the Australian Dollar (previously 53%), whereas 67% of all pending orders are to sell the given pair.
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