© Dukascopy Bank SA
"The market was looking at residential construction to replace some of the shortfall in mining construction. But for the most part, the reaction has been fairly muted because there is still hope residential building, particularly in apartments, will pick up later in the year."
- CMC Markets (based on The Australian)
Pair's Outlook
Pairs bulls lost enthusiasm ahead of 2014 high a few days ago and at the moment the pair is trading below 90 cent gauge. The pair should trail lower, but weekly S1/55-day SMA should keep it afloat. Dip below it could provoke a sell off till 87 cent gauge. A recovery of the pair is very unlikely at the moment as it should remain capped by weekly R1/2014 high; 0.8989/924 should not give up easily as well.
Traders' Sentiment
Market itself hasn't moved from it's place (62% bullish), but bullish side of pending orders increased substantially. It expanded by 35-40% and is at 78-81%, depending on the range around the current market price, level today.
© Dukascopy Bank SA