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– National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Being driven by Fed head's comments, the AUD/USD currency pair erased all intraday gains on Friday and ended the day with a 52-pip decline, finding support only in front of the monthly PP. As a result, the four-month up-trend became completely unviable, suggesting that the four-year bearish trend is likely to be extended. The Aussie's inability to edge higher today supports that, as the immediate support cluster, represented by the monthly PP, the Bollinger band and the 55-day SMA, appears to be insufficient to prevent the pair from falling deeper. However, technical indicators suggest that more AUD-buying could soon occur, but for now the bottom floor is the 0.75 mark.
Traders' Sentiment
Bears lost some numbers, as 57% of all open positions are now short (previously 68%). The share of buy orders edged up from 41 to 67%.
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