© Dukascopy Bank SA
"In light of the recent stronger-than-expected Australian and global data, Australian rate-cut expectations are largely removed."
- Royal Bank of Scotland (based on The Australian)
Pair's Outlook
Pair has dipped below the weekly PP and seems to be aiming at 55-day SMA. However, we expect it to hover above it since we can see the pair was stuck around 0.944 in the second week of October—it might be some other forces are and will be in play here as well. In case the pair dips below the 55-day SMA we are rather likely to see a sell off to 0.925. In order to neutralise this risk the pair should peak above the 200-day SMA which seems rather unlikely at the moment.
Traders' Sentiment
Only insignificant changes can be observed in the market. Bullish side of outstanding positions is at 66% (decreased by 2% since yesterday) and bullish side of pending orders decreased by 2% as well (57% in total).
© Dukascopy Bank SA