© Dukascopy Bank SA
"One of the offsetting things is that we do get cheaper petrol prices. The exchange rate is the second biggest factor affecting petrol prices. The biggest is the (international oil) price."
- ACCC (based on The Australian)
Pair's Outlook
Pair has been rather volatile today– it has been trading in 50 pip range. However, monthly PP and yesterdays low at 1.0364 put a rather strong grip on the pair. At the moment it is being bound by weekly PP and 100-day SMA. Short term technical indicators point at depreciation of the pair, but it seem rather unlikely as it tried to fall lower last week.
Traders' Sentiment
Market moods are remaining strongly bearish as 74% (-1% since Friday) of traders are selling pacific currency versus the greenback. What is new today is that pending orders on the pair are almost in equilibrium between the bears and the bulls.
© Dukascopy Bank SA