© Dukascopy Bank SA
"This is a further indication that the RBA has cut rates sufficiently to engender a strong housing market, and thus any further cuts may be of little value and in fact threaten longer-term financial stability by over-stimulating the housing market."
- Royal Bank of Scotland (based on The Australian)
Pair's Outlook
Weekly S2 keeps the pair supported for the second day in a row and it is showing some bullishness. However, we still maintain bearish outlook on the pair and expect it to drift to 55-day SMA. In case the pair unexpectedly starts to appreciate we should look for a failure around 20 or 200-day SMA's. In case the pair advances above it that would uplift most of the downtrend pressure on the pair.
Traders' Sentiment
Bullish side of pending orders decreased by 3% and is at 59% today. Bullish side of open positions increased by the same 3% and at the moment is 68% level today.
© Dukascopy Bank SA