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"We expect more monetary easing [by the Fed] down the road. The unemployment rate is still far above its target and expected to remain above target at least until 2014. What's more, the recovery remains fragile and uneven."
- Rabobank (based on Reuters)
Pair's Outlook
AUD committed a decline against the US dollar ahead of the US data announcement. Thus, if AUD/USD to remain bullish, 1.0212 (R1 Weekly; Upper Bollinger band) is going to be the first target for bulls, followed by 1.0283/312 (200-day ma; R2 Weekly) and 1.0493 (R3 Weekly) in case the pair moves higher.
Traders' Sentiment
The ratio between long and short positions opened on AUD/USD is currently 40% to 60%, implying increased conviction of the market in further appreciation of the Greenback against its Australian counterpart. The situation with the orders, however, is reversed, as 61% of orders are to buy the Aussie and 39% are to sell it.
© Dukascopy Bank SA