© Dukascopy Bank SA
"A collection of minor positive news is what helped,. […] Unless we get a surprise headline, I think it will hold its 102.50 US cent to 103 cent range today."
-Westpac (based on The Australian)
Pair's Outlook
Pair advanced confidently after breaching 1.03 and at the moment is hovering well above 100 bar SMA at 1.0345, supported by weekly pivot (R2) 1.0365. Although pairs appreciation was strong and confident advancement above 1.04 is very unlikely as pair should rebound closer to 1.03.
Traders' Sentiment
After gaining 10 % yesterday, additional 20% of positions are held by bears who are in clear majority in the market and currently hold 60% of all open positions. However, 54% of pending orders which are to go long suggest bulls should regain some ground and push market sentiment closer to equilibrium.
© Dukascopy Bank SA