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"With the drag from the government sector larger, the onus for providing policy stimulus falls even more heavily on the shoulders of RBA officials."
-JPMorgan (based on The Australian)
Pair's Outlook
After depreciating for the last three days last week pair recovered after hitting weekly PP at 1.0305. However, pairs further advancement is rather questionable as 100 bar SMA at 1.0357 likely to push pair below 1.03, to 1.0278/69 area.
Traders' Sentiment
After major swing in market sentiment in the beginning of the previous week, bears started the week occupying majority (56%) of the market. Share of pending sell orders (51%) suggest we might see a further strengthening in bearish sentiment.
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