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- Philip Lowe, RBA (based on WBP Online)
Pair's Outlook
The commodity currency, namely the Aussie, appreciated against its US counterpart, piercing the weekly PP and negating last Friday's losses. The Australian Dollar is expected to extend its rally for the third consecutive day, reaching a fresh one-week high and possibly even the immediate resistance in face of the weekly R1 at 0.7093. Meanwhile, technical indicators keep insisting the pair is to suffer a loss today, as signals turned from bearish to distinctly bearish today. Nevertheless, trade is likely to remain above 0.70.
Traders' Sentiment
Bullish market sentiment returned to its Tuesday's level of 72%. At the same time, the number of sell orders added three percentage points. The commands now account for 71% of the market.
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