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- Capital Economics (based on WBP Online)
Pair's Outlook
Although the Australian Dollar declined against its US counterpart yesterday, Wednesday's gains were not erased, as the 0.70 psychological level provided sufficient support. Today the AUD/USD currency pair is unlikely to edge below 0.6920, as a strong cluster, represented by the monthly S1; weekly S2; April 2009 low and the lower Bollinger band, is expected to limit any downside volatility. Technical studies, however, remain mixed, unable to confirm the scenario.
Traders' Sentiment
Bullish SWFX traders' sentiment remains unchanged at 71%. At the same time, the portion of sell commands increased, adding 12 percentage points. The orders now account for 71% of the market.
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