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"The RBA has to worry less about inflation being too low and there is clearly less scope to ease monetary policy to support economic growth."
-RBS (based on The Wallstreet Journal)
Pair's Outlook
After plummeting by 70 pips yesterday, pair has recovered exactly the same amount today and is hovering slightly above yesterdays opening level at 1.0347. Gap between closest support and resistance levels leaves a lot of space for maneuvering. Combined together with neutral market sentiment it lets us to believe that pair might be range bound for some time.
Traders' Sentiment
At the moment open positions on the pair are evenly distributed between bears and bulls making market sentiment neutral. However, share of pending sell orders increased further reaching 56% mark suggesting that market participants are preparing for strong moves.
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