© Dukascopy Bank SA
"The Australian dollar has rallied several times this year but the rallies are getting smaller, which makes it unlikely the currency will hold above US90c."
- Easy Forex (based on The Australian)
Pair's Outlook
Pair failed to consolidate above 91 cent after reaching 2014 high yesterday and plummeted below 90 cent mark. At the moment it is hovering slightly above this psychological level, but we expect at least some additional bearish action in the nearest future as well. It should send the pair slightly below 0.8957/15 area, but not much below the 0.8900.
Traders' Sentiment
Although buy side of pending orders contracted by approximately 8% it remains above 50% gauge (around 53%). Bullish side of open positions expanded by 6% and returned above 60% level (62% overall), where it was in the past 7 trading days.
© Dukascopy Bank SA