© Dukascopy Bank SA
"The Australian unemployment rate is deceptively low. If the participation rate had remained at the 2011 average of 65.5 per cent, the unemployment rate would have actually risen to 7.1 per cent."
- BK Asset Management (based on The Australian)
Pair's Outlook
Pair has reached new relative low after dipping below the 2013 low around 88 cent mark. We expect to see some consolidation ahead of 87 cent mark, but medium to long term trend seems to remain bearish. In order to uplift most of this downside risk the pair should advance at least above the 20-day SMA around 89 cents.
Traders' Sentiment
Although bears increased their share of pending orders by approximately 9%, till 44% to 49%, depending on the range, but they are unable to take a stand against the market bulls who continue to control overwhelming majority, 74%, of all of the open positions on the pair.
© Dukascopy Bank SA