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"The combination of soft activity and subdued price pressures suggest more room for the RBA (Reserve Bank of Australia) to move on rates."
- TD Securities (based on The Wall Street Journal)
Pair's Outlook
After dipping almost 30 pips, pair received a kick from weekly pivot at 1.0402 and currently is holding around 5 pips above opening price. At the moment is seems we will continue seeing such swingy sessions till the end of the week, but overall trend should remain bullish contained by Bollinger band and first major obstacle being at 1.0470.
Traders' Sentiment
Amount of bears in the market did not change by a bit and they continue holding 71% of all positions on the pair. In addition, share of pending long orders decreased by 2 % and they account for only 51% of all pending orders in the market strengthening the presumption that bears should continue dominate in the market.
© Dukascopy Bank SA