© Dukascopy Bank SA
"The Australian dollar was clearly reacting to the RBA overnight with this drop. We still think it's going lower and moving back towards parity."
-UBS (based on Business Day)
Pair's Outlook
Pair gained momentum after receiving a push from weekly and mthly PP at 1.0378/84 and is currently approaching 1.0160 what seems to be a support level of double top formation (tops on 9th of August and 14th of September). It is likely pair wont manage to breach this level straight away as Stochastic indicator predicts a bullish correction on the pair.
Traders' Sentiment
Traders are starting to show clear preferences for the pair as ratio between bulls and bears is 67% to 33%, respectively. As for the pending orders, both buy and sell orders constitute equal amounts for the second day in a row.
© Dukascopy Bank SA