© Dukascopy Bank SA
"The Australian dollar, while below its level earlier in the year, is still uncomfortably high."
- RBA Governor (based on The Australian)
Pair's Outlook
After a short brake aussie once again started depreciating after a failure at the weekly PP yesterday. At the moment it has stalled above the 90 cent mark. We do not expect it will ignite any major rallies, but might keep the pair there till the end of a week. If the pair dips below the weekly S2 that would put 2013 low on the map.
Traders' Sentiment
It seems that bulls will continue to dominate the market as they continue to hold overwhelming majority (73%) of all open positions. In addition to this, bullish side of pending orders has increased by 13% since yesterday and is at 52% today.
© Dukascopy Bank SA