© Dukascopy Bank SA
"We're seeing a pretty good bounce back by gold this week, and crude oil is up a bit as well and equities have been going along quite well. That is sapping some US dollar demand and leaving the door open for the Australian dollar to push above 103 cents."
- CMC Markets (based on the Australian)
Pair's Outlook
Yesterdays peak above 1.03 did put market participants in to the buying spree as pair closed below the mentioned level. It peaked above it once more today and similarly to yesterday, pair was pushed back by cluster of resistance levels around 1.034. In addition to this, we can see a bearish candle formation suggesting that bulls might be giving up their intentions to push pair above the 1.03.
Traders' Sentiment
Bears are not giving and inch of the market as they continue to hold slightly above 72% of all outstanding positions. Although bulls hold significant portion of pending orders (61%) it might not be enough to change market attitude significantly.
© Dukascopy Bank SA