© Dukascopy Bank SA
"What we have been keen to argue is how much the trade position is likely to improve over the next year. We are already running trade surpluses. By 2016, the overall current account position will approach balance. So that's a very strong positive for the Aussie further out. The key point is that it's not just a steady decline until further notice. "
- Westpac (based on The Sydney Morning Herald)
Pair's Outlook
Pair extended it's gains, pushed the 2014 high few pips higher, but returned till 91 cent mark. We expect it to trail a bit lower, but to remain above 0.9050. That's where we see it consolidating in the nearest future. It seems that, similarly to EUR/JPY, only a major move, like a peak above December high or a dip below 0.9019/0.9000 could provoke a major rally or a sell off till 89 cent mark.
Traders' Sentiment
Distribution of pending order's stayed almost unchanged; it remains around 60% being set to go long. Bullish side of open positions, however, contracted substantially, by 8% and is at 56% level today.
© Dukascopy Bank SA