© Dukascopy Bank SA
"We had the good news on the economy which indicated that the Reserve Bank's low interest rates were stoking growth in retail spending and construction. But then there was US dollar buying across the board and the Aussie got caught up in that. Now, it's just licking its wounds."
- Westpac (based on The Australian)
Pair's Outlook
Pair failed at 90 cent mark a week or so ago ant continues to trail lower. It is not gaining pace, but demonstrating clear bearish bias. We expect it to trails till 2013 low where we should see substantial increased in volatility. As technical indicators do not predict any turnarounds and trend indicators give rather clear signals we expect it to fall below the mentioned support.
Traders' Sentiment
Bulls once gain hold overwhelming share, 71% if to be exact, of open positions. Pending orders however, became noticeably bearish—it increased from 58% to 71% in 50 pip range and from 49% to 61% in 100 pip range.
© Dukascopy Bank SA