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"Kuroda is signaling a 'steady-as-she-goes' hand as regards to monetary policy which will disappoint some yen bears. Unless inflation falls sharply it doesn't look that they will ease."
- Commerzbank (based on Reuters)
Pair's Outlook
After trading between 0.92 and 0.93 for 10 days the pair finally has broken out of this range as it appreciated above 0.93 and even broke the weekly R1 at 0.9328. Although, AUD/USD bullish run was stopped near major level at 0.9350. The technical indicators are sending mixed signals; however, we expect the pair to stop its appreciation around weekly R2 and falling slightly back towards weekly R1.
Traders' Sentiment
After today's rather significant climb the pair's relative amount of bears increased to 73% from yesterday's 71%. The orders set to acquire the greenback fell significantly from 66% to 30% today.
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