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"The accompanying statement was hawkish, with the RBA dropping the phrase ‘for the time being,' and there was also no reference to ‘further easing may be appropriate in the period ahead,' which was in the November minutes."
- RBC (based on MarketWatch)
Pair's Outlook
Pair opened the day with a dip to 1.041, but picked up back again after receiving a bullish impetus from 20-day SMA. At the moment it is testing the strength of weekly pivot (R1) with possible intentions to reach new high above 1.0489. However, this prospect looks a bit gloomy at the moment as pair seems to be strongly driven by market sentiment.
Traders' Sentiment
An overwhelming majority of market participants (70%) continue perceiving the U.S. Dollar as a stronger currency than the aussie as they hold short positions on the pair. In addition, minor, but still majority (51%) of traders have posted short orders on the pair.
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