© Dukascopy Bank SA
"The RBA is trying to put a verbal ceiling on where the Aussie moves."
- Scotiabank (based on MarketWatch)
Pair's Outlook
It seems that the pair has stabilized for the time being as it continue to hover above the 89 cent mark. We anticipate similar behaviour from the pair in the nearest term, but don't see a rally emerging as there seems to be no catalyst for that in the market. Short term dips are highly likely, but they should bounce of the 2013 (Aug) low at 0.885 and return above the 89 cent mark.
Traders' Sentiment
Bulls continue to hold overwhelming (75%; +2 during the weekend) share of all open positions. Beers, however, increasing the pressure as share of short pending orders increased by 6% and is at 66% gauge at the moment.
© Dukascopy Bank SA