© Dukascopy Bank SA
- Reuters (based on Business Recorder)
Pair's Outlook
The Aussie behaved in accordance with expectations yesterday, having experienced a fifth consecutive decline, but leaving the immediate demand area intact. Even though technical indicators are now giving mixed signals, the Australian currency is still likely to end the day lower again, touching the same immediate support cluster around 0.7206, formed by the weekly and the monthly S1s. Only once the cluster is reached the given pair can receive a boost and begin its recovery. On the other hand, weekly and monthly technical studies imply the Aussie is to continue moving towards the May low of 0.7145.
Traders' Sentiment
There are now 54% of traders with a negative outlook towards the Australian Dollar (previously 56%). At the same time, 65% of all pending orders are to sell the commodity currency, compared to 62% yesterday.
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