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- RBC Capital Markets (based on the Australian)
Pair's Outlook
The Australian Dollar recovered from yesterday's dive beneath the 20-day SMA and weekly PP at 0.9301/0.9294, respectively. At the mean time, the daily and monthly technical indicators are pointing downwards, that could discourage some of the bullish traders. Also, there is a cluster of resistance levels ahead around 0.9250 (55 and 100-dat SMAs; weekly R1 and monthly PP). To our mind it is not likely that these levels will be breached in the near term.
Traders' Sentiment
The distribution between the proponents and opponents of the Aussie's appreciation relative to the Greenback remains more or less the same as 24 hours ago—64% and 36% accordingly.
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