© Dukascopy Bank SA
"The key release ... this week will be the RBA minutes from the last meeting. After the decision to hold it seems the market is still expecting a very dovish set of minutes. Governor Glenn Stevens will then speak at a luncheon on Friday where he could give further insight on policy."
- Stan Shamu, IG Markets AU (based on WBP Online)
Pair's Outlook
At the end of the last week, the currency pair slumped more than anticipated; however, Thursday's gains were not completely extinguished. The pair breached the initial support cluster at 0.7655 and even tested the next one, before settling around 0.7634. The technical studies suggest that the bearish momentum will persist through Monday, while all the US data releases are expected to improve and strengthen the Greenback against the Aussie. If the fundamentals do not disappoint, the Australian Dollar will likely fall close to the weekly S1 at 0.7550.
Traders' Sentiment
Market sentiment improved, as 64% of traders are bullish, while the share of buy orders slid 12 percentage points to 32%.
© Dukascopy Bank SA