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"Our house view is that the RBA will push a rate cut to December. I'm pretty surprised by the resilience in the Aussie."
- Forecast Pte (based on Bloomberg Businessweek)
Pair's Outlook
After depreciating for a few days pair did not manage to fall below weekly pivot (PP) at 1.0327 and was pushed back above 100 bar SMA. At the moment it is testing monthly pivot (PP) at 1.0378, which might cause some minor troubles;, but not for long. Much harder task will arise once pair approaches 1.0419/21.
Traders' Sentiment
Bears are still holding ground and continue to occupy 60% of the market today as well. Pending buy orders increased by mild 1% reaching 60% mark and continue to indicate a possible major shift of market sentiment in the near future.
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