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"The RBA will be heartened as it shows monetary policy is working. The evidence is building to support an earlier rate hike than the market is currently pricing."
- HSBC (based on The Sydney Morning Herald)
Pair's Outlook
After a few attempts the pair successfully eroded resistance at 90 cents and at the moment is aiming at 91 cent mark. We should see at least an initial failure here, 2014 high is too strong of a psychological level to give up easily. Ability of the pair's bulls to push it to new high in the medium to long term is questionable as well. In support for that comes signals from technicals indicators.
Traders' Sentiment
Bullish side of outstanding positions contracted by additional 2%, 6% in the last few days and is at 59% gauge today. However, pending orders expanded by 20-50% and is at 57 to 73% level depending on the range around current market price.
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