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"They leave the policy guidance assessment unchanged, but you would conclude from these minutes that they were less likely to cut rates, even though the Australian dollar was higher."
- RBS (based on The Sydney Morning Herald)
Pair's Outlook
As anticipated, pair advanced above the 95 cent mark and at the moment is probing September high at 0.953. We expect it to succeed and test 200-day SMA shortly after with a possible minor setback along the way at 0.959. In case the pair fails at any of these levels we could expect it to dip to week opening levels slightly below 95 cents.
Traders' Sentiment
Bulls took significant blow in the market. Today they account for 60% of the market participants which is 5% less than yesterday. Majority (59%) of pending orders, however, remain in favour of the bulls.
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