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– OANDA (based on The Business Times)
Pair's Outlook
On Thursday the Australian Dollar weakened against the US counterpart slightly more than anticipated, being that trade closed at 0.7588. Even though technical indicators keep giving bullish signals today, the Aussie is still likely to edge lower again. This time the 0.7560 level is the main support, which is the ten-month up-trend, and which is also reinforced by the 100-day SMA, the weekly S1 and the Bollinger band. A decline today would reconfirm the up-trend and pave the soil for a rebound over the weekend or over the upcoming week. Meanwhile, a return above the 0.76 mark is possible, but with gains most likely limited around 0.7620.
Traders' Sentiment
For the third day in a row market sentiment remains bearish at 68%, while the share of buy orders slid again, namely from 55 to 54%.
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