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This will be of some relief to the RBA given its focus on cost pressures following the stronger-than-expected third quarter consumer price index."
- ANZ Bank (based on The Wall Street Journal)
Pair's Outlook
After two successful days pair did not manage to breach Bollinger band and is testing the support of 100 –day SMA after dropping by almost 75 pips today. This mover did not come as a surprise taking in to account recent behavior of the pair, however, 75 pip dive seems a bit steep and we should see a bullish correction to 1.0402.
Traders' Sentiment
Amount of bears in the market increased by a bit since yesterday and they account for 72% of all traders in the market. In addition, share of pending long orders decreased by additional 2 % and they account for only 51% of all pending orders in the market strengthening the presumption that bears should continue dominate in the market.
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