© Dukascopy Bank SA
"There was disappointment on the Chinese trade data. We have seen strong data out of China in recent sessions, but with today's weaker data would put some question marks as to whether the rebound in the economy is sustainable and if China's demand for Australian goods will continue."
- Forecats Pte (based on Bloomberg)
Pair's Outlook
As most of the major currencies aussie started the week with a dip, but received a bullish impetus from weekly PP at 1.0462 and at the moment is testing the strength of psychological level at 1.05. Technical indicators point at appreciation of the pair, but at the same time quite a few technical indicators give neutral outlook therefore a lot of depends if pair manages and when if manages to breach 1.05.
Traders' Sentiment
Market moods took a highly unexpected turn after the weekend—70-75% of market participants last weeks were bears. This week opened with bulls constituting for 74% of market participants. Pending orders suggest that bears might regain some of the positions as they constitute for 59% of all pending orders.
© Dukascopy Bank SA