© Dukascopy Bank SA
"The positive Aussie data and the negative position in the market already is probably the reason why the Australian dollar was the strongest performing currency against the broadbased US dollar sell-off."
- ANZ (based on The Australian)
Pair's Outlook
Pair has picked up the pace and at the moment is testing weekly R1/55-day SMA around 0.9070. We expect it to maintain similar trend, but we should see at least some bearishness ahead of 0.9213/47 area. Peak above it would put monthly R2 on the map. Short term dips and sell offs remain possible, but rather unlikely and in case it occurs the support for these moves should be found at weekly and monthly PP.
Traders' Sentiment
Bulls continue to hold overwhelming majority in the market. Today they account for 68%, 3% less than before the weekend, of market participants. In addition majority, 53% to 70% depending on the range, of pending orders are set to go long as well.
© Dukascopy Bank SA