© Dukascopy Bank SA
"On the Australian dollar, the air above $US1.0400 yet again proved to be thin with good selling interest from a variety of account-types around the figure both late in the Australian session yesterday and offshore."
- National Australia Bank (based on The Australian)
Pair's Outlook
After strong bearish impetus from 1.04 yesterday, pair continued to depreciate today. Taking in to account readings of technical indicators and strength of technical levels, it becomes evident that pairs dip to 1.03/279 is very likely. Dip below this level is rather likely as well, due to rapid gains in last few days which might indicate that pair reached overbought condition.
Traders' Sentiment
After major swing in market sentiment in the beginning of the week, bears continue to occupy majority (60%) of the market. Share of pending buy orders is holding at 54% gauge suggesting that pair has not reached the main trigger level.
© Dukascopy Bank SA