© Dukascopy Bank SA
"It was quite a circumspect trading session in the currency market, as we await the RBA statement on Tuesday which traders will be scouring for clues regarding whether the rate easing cycle has in fact already come and gone on the local front."
- Tim Waterer, CMC Markets (based on The Wall Street Journal)
Pair's Outlook
Pair has slightly recovered after dropping to a 3 week low at the end of last week. However, weekly PP should stop pair from advancing further till the end of week and keep it between 1.0472 and Bollinger band at 1.0373.
Traders' Sentiment
Bearish sentiment of the pair has increased by 5% since Friday and reached a 74% gauge today. However, in the range of 100 pips from the current market price traders have posted 59% of buy orders indicating a possible major shift in the SWFX sentiment.
© Dukascopy Bank SA