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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
As was expected, the 200-day SMA kept the AUD/USD currency pair from sustaining sharper losses on Friday. The Antipodean currency is now aiming again for the 0.73 major level, despite having opened below the 200-day SMA. The 0.73 mark, however, is reinforced not only by the monthly S2, but now also by the weekly PP, making the resistance cluster even stronger. Ultimately, we should see price stabilise around that area today, but the 200-day SMA could still play its part and force the exchange rate to close lower, as technical indicators in the daily timeframe suggest.
Traders' Sentiment
Although not as strong as on Friday, but market sentiment remains bullish at 71% (previously 75%). Meanwhile, there are 66% of all pending orders to acquire the Aussie, compared to 77% last Friday.
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