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"The potential dollar flow is relatively small, but the decision may ease doubts about Australia's openness in attracting foreign investment after a recent decision to veto a US bid for an grain exporter GrainCorp,."
- RBC (based on The Australian)
Pair's Outlook
Pair failed to gain momentum after a bounce from the weekly PP yesterday and at the moment is trading below it. We are uncertain if this will provoke a further failure. The pair should dip below the 90 cent mark for that. However, it is not unlikely that we will see another bounce from it. Today's developments prove that the pair faces significant downside risk and it should peak at least above the 0.9237/67 area in order to uplift most of it.
Traders' Sentiment
Bulls continue to dominate the market as aussie remains the most bought, in 75% of all cases, major currency across the board. Bulls account for 72% (1% less than yesterday) of market participants. In addition to this 74%, in comparison to 71% yesterday, of pending orders are set to go long as well.
© Dukascopy Bank SA