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- Credit Agricole (based on CNBC)
Pair's Outlook
The AUD/USD was unable to climb over the 100-day SMA, leaving the eight-week high unconquered. Mixed Chinese trade data caused the Aussie to weaken in the early hours, leaving almost no chances of regaining the bullish momentum today. Moreover, the 100-day SMA and the Bollinger band are providing rather strong resistance at 0.7361, preventing the Australian currency from appreciating, despite optimistic technical indicators. The nearest support is located around 0.7230, but the 0.73 major level is likely to prevent the given pair from dropping that low.
Traders' Sentiment
Bulls returned to its Friday's level of 74%, compared to 71% yesterday. The share of buy orders edge higher from 29 to 48%.
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