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– National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Despite strong downside volatility yesterday, demand, represented by the immediate support cluster, was sufficient to keep the AUD/USD currency pair elevated. However, this support area is under the risk of being broken today, as technical studies suggest the Aussie is in for another decline. In case the bearish momentum prevails, the next target will be the weekly S1 and the 100-day SMA, both located around 0.7508. This support is also considered to be an important area, a break of which is likely to cause the Australian currency to keep declining until the 0.74 mark is reached.
Traders' Sentiment
The gap between the bears and the bulls narrowed, as they take up 55% and 45% of the market, respectively. At the same time, the number of purchase orders lost 19% points, having fallen to 48%.
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