© Dukascopy Bank SA
"The currency has traded very well this year. There's been a number of negative stories from China this year, and none of it has weakened the Australian dollar."
- RBS (based on The Sydney Morning Herald)
Pair's Outlook
As expected, pair continued it's rally, tested resistance around 91 cent mark and, seemingly, successfully consolidated above it. If in the nearest future (few trading sessions) the pair won't be pulled back below 91 cent mark we should see it attacking Dec high. However, if it fails to remain above 91 cent mark we should see it being sold off till 90 cent mark and , if the bearishness continues, till recent low around 89 cent mark.
Traders' Sentiment
Bullish side of open positions contracted by additional 3%, till 64%, since yesterday. Long side of pending orders, however, returned above 50% level after yesterday's plunge and is at 55-60% level depending on the range around current market price.
© Dukascopy Bank SA