© Dukascopy Bank SA
"The market is putting more focus on the fact that imports have rebounded very strongly. Given that China imports from Australia, that is seen as benefiting Australia. Near term, there's scope for the Aussie to go higher."
- Australia & New Zealand Banking Ltd. (based on Bloomberg)
Pair's Outlook
It seems that pair has picked quite a momentum and at the moment is trading at/slightly above the Bollinger band. Weekly technicals suggest that pair should return in the 1.04 area where majority of market participants have put the upper limit on their expectations. It is likely that pairs deprecation might be triggered at the cluster of levels at 1.05 or 1.06 where 2012 high resides.
Traders' Sentiment
Market sentiment got slightly more bullish, but bears continue to account for overwhelming 72% of market participants. However, bulls are maintaining the pressure as 59% of pending orders are to go long on the pair.
© Dukascopy Bank SA