© Dukascopy Bank SA
"The upswing in the number one trading partner, along with calmer global financial markets, allows the Reserve Bank of Australia to sit comfortably for at least the next month or so."
- TD Securities (based on The Australian)
Pair's Outlook
Pair took a second consecutive 60 pip dive after a week of choppy sessions in 1.058-1.052 area. Yesterdays recovery allows to expect that pair will return above 1.053 today as well, however, yesterday, by this time, we were able to see first bullish candles which is not happening today. At the moment pair is being support by 20-day SMA which might prove not to be sufficient despite the readings of technical indicators.
Traders' Sentiment
The Australian Dollar remains the least popular major currency at the moment, being bought only in 27% of all cases. As a consequence the aussie is sold versus the greenback by 73% of market participants. However, pending orders are clearly in favour for the bulls—60% of them are to go long.
© Dukascopy Bank SA