"Taking into consideration that CPI is highly positive as forecasts, and inflation less than 2%, expectations of a hawkish tone by Lowe is high where the Gov. could extend previous press conferences laying out a strong Australian economy which should re-boost the Aussie."
— FxGrow (based on Investing.com)
Pair's Outlook
Despite having strong downside volatility, the Aussie managed to close above the 20-day SMA on Monday. The currency, however, plunged during the first hours of today's trading session as a result of strong downside risks. Having breached so easily the 20 and 200-day SMAs and the weekly PP suggests that a rebound back to close above these levels is unlikely. It is, therefore, expected that the price may close in the 0.7540/28 area. Meanwhile, traders are anticipating today's fundamentals that may strongly affect the price for both the Aussie and the Greenback in the remaining trading hours.
Traders' Sentiment
Market sentiment has become bearish for the pair, as 52% of traders are holding short positions. Likewise, 54% of set up orders are to sell the Aussie.
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