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- Reserve Bank of Australia Governor Glenn Stevens (based on Bloomberg)
Pair's Outlook
The pair dropped below the major level at 0.93, after reaching the 100-day SMA at 0.9341. The yesterday received bearish impetus is not giving up, as the pair has failed to break the weekly PP at 0.9299 today. Moreover, the majority of the daily and monthly technical studies are pointing to the downside. Therefore, a repeated failure around this level can send the pair towards the weekly S1 at 0.9263 or even the recent low at 0.9240.
Traders' Sentiment
There is a conviction in the market that the Aussie is heavily undervalued, being that as many as 57% of open positions are currently long. As for the orders, the amounts of buy (61%) and sell (39%) ones are less equal.
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