© Dukascopy Bank SA
"[…] comments that the Australian dollar was likely to remain strong in relation to its long term averages seemed to give the currency a bit of a lift."
-NAB (based on The Australian)Pair's Outlook
Bearish impetus for the pair was not strong enough and did not help it to breach a cluster of support levels at 1.0160/133 area and it is rather safely hovering above major (psychological) level of 1.02. As technical indicators point at increase of downside risk, pair might try to step up to 1.03 area, but attempt to dip below 1.0160 once again after that.
Traders' Sentiment
Traders are continuing to show clear preferences as ratio between bulls and bears remains around 70% to 30%, respectively, for almost full trading week today. However, two thirds of pending orders are to sell which points at possible major shift in sentiment in the future and moderate resistance in higher upper levels.
© Dukascopy Bank SA