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"Provided there is no significant deterioration in the [Australian] labour market later this week and provided we are not seeing more significant uncertainty in Europe, the risk is we move towards 98.5 cents."
- Royal Bank of Scotland (based on CNBC)
Pair's Outlook
AUD/USD advanced today the greenback after Reserve Bank of Australia cut benchmark interest rate by 0.25%. If the pair to stick to bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bullish traders. A breakout of this line would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) respectively.
Traders' Sentiment
The ratio between the amounts of long and short positions on AUD/USD currency pair is 62% to 38%, implying that bullish sentiment strengthened on the pair. Additionally, within 100-pip range from the present market price, the majority of traders (73%) anticipate the pair to stick to the bullish sentiment.
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