© Dukascopy Bank SA
"The Aussie is being driven by offshore data, mainly the Chinese data, but it's still vulnerable to any risk-off sentiment that may come from the Ukraine."
- OZForex (based on The Australian)
Pair's Outlook
Pair is demonstrating bullish bias today, but we do not think it should be perceived as a predictor of a long term move. We expect the pair to spend some time consolidating slightly above 90 cent mark and test 0.9081/98 in the medium to long term. In case the pair's bulls manages to erode this resistance we should star looking at 200-day SMA. Failure at any of the levels or dip below weekly PP could send the pair trailing towards 89 cent mark.
Traders' Sentiment
Bullish sentiment showed a slight, 2%, decrease after a 9% increase a few days ago and at the moment they hold 63% of all of the open positions. Long side of pending orders climbed back up by 15-20% and is at 47-56% range today.
© Dukascopy Bank SA