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"Evidence like today's underwhelming consumer sentiment report points to the need for further reductions in rates."
-Westpac (based on The Wall Street Journal)
Pair's Outlook
Pair resumes its recovery after bearish correction yesterday and is currently hovering slightly above weekly pivot point at 1.0241. Most likely bullish momentum will persist for some time more, but ,as expected after formation of double top and supported by technical indicators, pair should attempt to breach cluster of support levels at 1.0160/133 pretty soon. 200 bar SMA at 1.03 might become the main driver behind such move.
Traders' Sentiment
For full trading week market sentiment is clearly bullish as for this whole time long traders had no less than 70% of the market. However, two thirds of pending orders on the pair are to sell suggesting a possibility of major shift in market sentiment in near future.
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