© Dukascopy Bank SA
"Risk appetite is pretty solid and the data in Australia is also solid. The risk is more to the upside. It would be enough to squeeze out speculators which have been sitting short around the 90 level."
- Royal Bank of Scotland (based on The Economic Times)
Pair's Outlook
Pair continued to climb higher and peaked slightly above the 90 cent mark today. We should see another attempt for the pair to consolidate above 90 cent mark shortly. Chances of success are at 50/50, but continues failures could ignite a sell off till 89 cent mark, where median price expectation of major market participants for this quarter is located. Peak above 90 cent mark would put Feb and 2014 highs on the map.
Traders' Sentiment
Bears took a good chunk of the market from the bulls whose share of open positions contracted by 4% and is at 61% level today. In addition, short side of pending orders expanded by 4-6% and is at 65-80% level, depending on the range.
© Dukascopy Bank SA