© Dukascopy Bank SA
"FX was largely directionless, with most players happy on the sidelines ahead of today's big U.S. data day. At the margin, the U.S. dollar is a touch softer, prompted by [Federal Reserve Chairman Ben] Bernanke's comments."
- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
Pair was showing substantial bullishness and seemed like able to advance above the 55-day SMA, but did not manage to do so. We do not think that this should have any short or medium term implications. In case it does, short term support would be with the 100-day SMA around 0.9295. Failure there could trigger a sell off to 92 cent mark. We expect the pair to be somewhat range bound by the 100 and 200-day SMA's in the nearest future.
Traders' Sentiment
With aussie being the most acquired major currency and greenback sold in 58% of the cases across the board we see market heavily filled (69%) with the bulls. In addition to that, 56% of pending orders are set in their favour as well.
© Dukascopy Bank SA