AUD/USD Stays above 0.89

AUD/USD Stays above 0.89

"The euro is working its way through another small corrective phase within a massive, long-term word the word the within a massive, long-term." - Global Hunter Securities (based on CNBC)

Pair's Outlook

Pairs seems to be fully pledged to the recovery as it continues to show bullish signals after the weekend. However, we should bear in mind it is aiming at 90 cent mark which is a very strong psychological level, which should not give up easily. In case of a failure it is very likely to see a dip till 2013 low at 0.8822. Dip below it could provoke a sell off till 0.8757.

Traders' Sentiment

Bulls continue to dominate the market with them controlling 72% of all of the open positions (2% increase during the weekend). Although short side of pending orders contracted by the 9% during the weekend, the same as it expanded on Friday, the gauge is at 71% today.