© Dukascopy Bank SA
"We're still looking for a transition (from mining to other sectors) in the domestic economy and how that's going to pan out and that's a headwind in investors minds."
- Commonwealth Bank (based on The herald Sun)
Pair's Outlook
Pair extended it's losses after failing at 0.9045 and at the moment is hovering slightly above 0.89. We expect it to trail further, maybe after a short delay at the current level. Next key point would be at the 2013 low. Dip below it could provoke a major sell off. Short term peaks remain possible, but it is unlikely it could provoke any major rallies at the moment. In order to uplift at least some of the downside risk the pair should peak above the 55–day SMA again.
Traders' Sentiment
Not much change is seen in the market sentiment. Share of long open positions increased by 4%, till 72%. Bullish pending orders changed by +/-6%, but remain slightly in favor (51% till 55% overall depending on the range).
© Dukascopy Bank SA