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"I think the PMI number will keep the Aussie under a little bit of pressure over the next few days."
- Deutsche Bank (based on The Sydney Morning Herald)
Pair's Outlook
Pair maintains bullish momentum and is pushing higher. It has eroded 92 cent mark and we expect it to push higher. Some short term bearish action could be expected around 93 cent mark, but monthly R2 should keep it afloat. Quick appreciation till 0.9350 seems highly unlikely at the moment , but it should serve as a good medium to long term target.
Traders' Sentiment
It seems that bulls have given up with the aussie as they cut their share of open positions by 11% and now account for slightly less than half, 49% in total, of market participants. In addition, bullish side of pending orders contracted by at least 45%, till 10-15% total.
© Dukascopy Bank SA