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"The cash rate is still expected to remain on hold over the near term. This may create renewed demand for the local currency over the coming weeks, and help the Australian dollar move back above US90c."
- FXCM (based on The Australian)
Pair's Outlook
Pair continues to demonstrate bullishness, but seems to be struggling with major level at 90 cents. We think that there is no driver behind the pair's moves thus some sideway trading should be expected. In order to ignite a rally the pair should peak at least above 0.9035. Major sell off seems rather unlikely, as 2013 low, reached few weeks ago seems to be continuing to play major role and provide strong support for the pair.
Traders' Sentiment
Bulls once again dominate the market. At the moment they account for 65%, 4% more than on Friday, of market participants. In addition to this, bullish side of pending orders are form 70% to 82% of all pending orders (depending on the range around the market price).
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