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"So while it's good news that the unemployment rate fell it doesn't reflect a stronger labour market. In fact the labour market remains quite soft."
- AMP Capital (based on The Australian)
Pair's Outlook
It seems that the pair has lost momentum and will not advance above 0.95 in the nearest future. It becomes rather obvious after noticing that it has dipped to the vicinity of 94 cents 4 times in the last week. In case the pair unexpectedly advances above 95 cents, it would put 200-day SMA on the map, but before that it should breach weekly R2/monthly R1. In case the pair shows a solid close below 0.94, we could expect it to trail to 0.929.
Traders' Sentiment
We have not seen any, even insignificant changes, in market sentiment for more than a week now. Bulls continue to hold exactly 65% of all open positions on the pair. For the past few days, the distribution of pending orders is also holding at 65% set to go bullish.
© Dukascopy Bank SA