© Dukascopy Bank SA
‘"t means that the recovery that we've been seeing over the second half of 2013 has probably slowed down and that's generally in line with our expectations and what the markets have been expecting."
- Commonwealth Bank (based on The Sydney Morning Herald)
Pair's Outlook
Pair extended the recovery after receiving a bullish impetus from the 2013 low yesterday and is testing 90 cent mark today. We expect the pair to advance further, but it seems doubtful it will manage to breach the 91 cent mark with ease. It is very likely we will see at lest some bearish action there, maybe even a sell off till 90 cents. In case of an unexpected failure the pair might once again plummet till 2013 low, around 88 cent mark.
Traders' Sentiment
Bears are continuing to strengthen their presence in the market, as today they account for 39%, in comparison to 33% yesterday, of market participants. In addition to this, pending orders in all ranges are set in the favor of the bears as well—54% to 61%.
© Dukascopy Bank SA