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"There's a number of opposing factors that are anchoring us fairly closely to the US90¢ level. We are in an interesting equilibrium."
- Westpac (based on The Sydney Morning Herald)
Pair's Outlook
Pair found support around 90 cent mark after failing slightly above 91 cent mark few days back. We expect the pair's bulls to take a step back here and allow it to consolidate around the current levels for now. They might try to push the pair higher in the new week, but we doubt their commitment. It is much more likely we will see a struggle between bears and bulls with slightly stronger bearish bias present in the nearest future.
Traders' Sentiment
Bulls took a substantial hit in the markets. Their share of open positions contracted by 4% and is at 58% gauge today. Besides that, long side of pending orders slid below 50% level, till 45-25% depending on the range.
© Dukascopy Bank SA