© Dukascopy Bank SA
"The strength of the housing market, and in particular investor demand, confirms that low interest rates are working to support the economy and supports our long-held view that the RBA is done cutting rates in this cycle."
- St. George Bank (based on The Australian)
Pair's Outlook
Pair resumed it's rally and today has already peaked above the 90 cent mark. Weekly R1 pushed the pair back down, but we expect it to be just a temporary setback. 100-day SMA is expected to be a much more serious obstacle. It might even ignite a sell off till 89 cent mark where median expectation price of major market participants for this quarter is located.
Traders' Sentiment
Bulls are slowly strengthening their positions in the market. Bullish side of pending orders increased by 5-15% and is at 53-66% level depending on the range. Besides that, today they continue to hold clear majority (61%, 3% less than yesterday) of open positions.
© Dukascopy Bank SA