© Dukascopy Bank SA
"What's interesting is this dynamic with the domestic economy improving while the external environment deteriorates. Ultimately the external environment is the more important factor and we think the Aussie dollar will be lower in time."
- ANZ (based on The Australian)
Pair's Outlook
It seems the pair received a substantial bullish impetus from the 0.8925/415 area yesterday and skyrocketed till monthly R1 today. We expect pair's bulls to take a step back and capitalize their gains. As a consequence the pair might dip till 0.9050, but it is unlikely bears will manage to push it any lower. We expect the air to maintain bullish bias and test 200-day SMA/2014 high in the medium term.
Traders' Sentiment
Bullish side of open positions returned to 65% level today; up from 63% yesterday. Bullish side of pending orders, however, contracted by 3-8% and is at 55-60% gauge today depending on the range.
© Dukascopy Bank SA