© Dukascopy Bank SA
"Given the ongoing challenges the economy will face during its rebalancing phase, we continue to believe that unemployment will rise towards 6.5 per cent in the year ahead, which will certainly challenge the Reserve Bank's view that the economy is undergoing a smooth transition away from resource-related activity."
- Macquarie Securities (based on The Australian
Pair's Outlook
Pair failed to form a new 2014 high and has dipped below the 90 cent mark. It is unlikely this step back will provoke any further bearish action. It looks like the pair will hover below the 90 cent mark until the end of the week and bulls will attack 90 cent level in the new week. Dips will 89 cents are possible, but weekly PP/55-day SMA should withstand the test.
Traders' Sentiment
Bulls have strengthened their presence in the market by increasing their holding by 4%, till 63%. Bears, however, are not willing to give up easily as bearish side of pending orders increased by 6-19% and is at 70-80% level.
© Dukascopy Bank SA