© Dukascopy Bank SA
"We have seen quite a few upside surprises in the Australian data and I think that is reassuring some investors and keeping the Aussie dollar higher."
- BK Asset Management (based on The Wall Street Journal)
Pair's Outlook
After a very strong rally yesterday pair managed to climb as high as 1.0514, but monthly (R1)/Bollinger band proved to be too heavy of an obstacle for the pair there and pair dipped by almost 45 pips before the close. Today pair lost additional 15 pips until it reached 1.045, but managed to recover and posses for one more attempt tom advance above 1.05. Technical indicators give neutral aggregate signal, but the Stochastic indicator is in sell zone and slow %D and slow %K are crossing over.
Traders' Sentiment
Bearish moods have rooted deep in the market. Bulls manage to gain back 4-5% of market share once in a while, but loose the same share shortly after and keep share of their positions at 70-75%. It could be rather well explained by the fact that pending orders are almost equally distributed between long and short traders.
© Dukascopy Bank SA