© Dukascopy Bank SA
"The fiscal impact of government activity on the Australian economy is likely to be more contractionary than expected for the next couple of years, further reducing the need for the RBA to move interest rates higher."
- Triple T Consulting (based on Bloomberg)
Pair's Outlook
Pair is trading almost exactly at weekly PP and seems to remain biasless. Any moves are expected to be capped either by the resistances around 0.9311/27 (20-day SMA; monthly PP; weekly R1) or support at 0.9213/09 (Weekly S1; 55-day SMA). However, taking in to account the pair has been in this range for 2 weeks now, we think that even a minor peak/dip outside these boundaries could provoke a major move.
Traders' Sentiment
We saw a substantial, 17%, increase in long side of open positions (46% in total). Bullish side of pending orders, however, contacted by, 10-20% depending on the range around current market price.
© Dukascopy Bank SA