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"The minutes will likely confirm the RBA's neutral bias on rates for now but will be looked at closely for signs of concern about surging house prices and the strengthening Australian dollar and hence for any renewed jawboning on either."
- AMP Capital (based on CNBC)
Pair's Outlook
Previous week the Aussie reached a four month high at 0.9461 against the U.S. peer, after reaching this level the pair slid below the monthly R1 at 0.9412. Today the currency is trying to breach this monthly resistance level; however, so far not successfully. Nevertheless, we suspect the pair moving south, specifically below the weekly PP and major level at 0.9366/50.
Traders' Sentiment
The difference between the long (40%) and short (60%) positions stabilised. Bullish side of pending orders also increased by 5-8% and is at 64-79% gauge today depending on the range.
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