© Dukascopy Bank SA
"The home loans data continue the theme of a basing in the Australian economy, which should support the Aussie."
- ANZ Bank New Zealand Ltd (based on Reuters)
Pair's Outlook
The Aussie has continued to appreciate against the greenback with the momentum gained yesterday and it looks like it has stabilised above 0.93. At the moment the pair is trading near weekly R2 at 0.9369 and it is poised to approach 0.94 level, which has not been reached since November. We suspect that the pair might break 0.94 and even touch monthly R1; however, we see that point as a top.
Traders' Sentiment
Market sentiment remains basically unchanged as bears hold 72% of all of the open positions on the pair. In the meantime, the share of orders to enter the market with a buy trade edged up to 42% from yesterday's 33%.
© Dukascopy Bank SA