© Dukascopy Bank SA
"At this stage, even a slide in the unemployment rate would be unlikely to cause a shift in rhetoric from the RBA which may limit the extent of an advance for the currency."
- FXCM (based on the Australian)
Pair's Outlook
As anticipated we are seeing some profit taking at the moment as the pair is being capped between 55-day SMA ad weekly S1/monthly PP. We remain sceptical about the possibility of a rally and anticipate further sell off in the new week making the vicinity of 93 cents short to medium term target. In case of an unexpected recovery we might look at 94 cent mark.
Traders' Sentiment
For the first time in almost 4 weeks, bulls are holding majority (52%) of all of the open positions on the pair. That is 13% more than yesterday and most of it is coming from triggering of the pending orders as bullish side of it contracted from 10% to 45, till approximately 35%, depending on the range around market price.
© Dukascopy Bank SA