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"The more dovish tone of recent RBA commentaries makes a cut as early as next week quite possible."|
-National Australia Bank (based on The Australian)
Pair's Outlook
Recent developments allow us to believe that pair is range bound between weekly pivot (S1) at 1.035 and 1.045 and is currently depressed slightly below monthly pivot (PP)/Fibonacci retracement (50% of move since 6th of September) at 1.0404. As technical indicators point at appreciation of the pair it is likely it will bounce of the support levels below.
Traders' Sentiment
USD and AUD, bot remain the most bought major currencies across the board for more than a week now—66% and 59% of all cases respectively. Bullish sentiment remains at 60% gauge today. Distribution of pending orders has not changed as well and 54% of pending orders are to buy.
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