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- RBA Governor Glenn Stevens (based on Bloomberg)
Pair's Outlook
The Australian currency continues to demonstrate its weakness against almost all currencies and US Dollar, of course, is not an exception. Interestingly, the Aussie has gained against the Greenback only in five days out of the last twenty. Moreover, the bias remains downwards, with the 0.80 level as a target by the year end. The daily and weekly technical indicators are also seeing the pair as overbought.
Traders' Sentiment
There is a strong conviction in the market that the Aussie is heavily undervalued, being that as many as 72% of open positions are currently long. As for the orders, the amounts of buy (34%) and sell (66%) ones are widening.
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