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"There is certainly a number of headwinds against the Australian dollar on the domestic front, depending on how aggressive the RBA wants to be on its interest rate cutting."
- CMC Markets (based on The Australian)
Pair's Outlook
There are more and more signs that the pair has reached new low and we should see some sort of consolidation at the current levels. Such turn of the events is also suggested by the technical indicators in all relevant horizons. We might see some short term rally which should beet strong resistance at 0.934 and 0.944.
Traders' Sentiment
Bulls strengthened their presence in the market by additional 5% and at the moment they account for 75% of all market participants. Distribution of pending orders does not give any indications that situation might change soon as 55% of pending orders belong to the bulls as well.
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