AUD/USD: Slight retreat on dovish RBA minutes
Ongoing monetary easing from the Australian central bank, and a relative lack of price change keeping retail bias little changed and in majority buy territory.
AUD/USD Technical analysis, overview, strategies, and levels
Slow FX day with little opportunities for the key majors, AUD/USD's price finishing only slightly higher, another push needed in this time frame to tilt a few of its technical boxes that are mostly neutral, or very much close to it given the proximity of some indicators to price and each other.
This morning's attention has been on the Reserve Bank of Australia's (RBA) minutes, whereby it came off as cautious as although it mentioned an economic recovery in the country that "was stronger than had been expected", but it would "maintain highly supportive monetary conditions until its goals for employment and inflation were achieved." In Australian data, house price growth beat estimates with a reading at levels unseen since 2003. Economic data will remain light until Thursday's employment figures, the RBA's Lowe expected to speak prior to its release on that day.
IG client* and CoT** sentiment for AUD/USD
A lack of significant moves here has kept retail bias majority long, and little changed with a 56% majority buy bias as of this morning. CoT speculators as per last Friday’s report are an opposite majority short, and in slight sell territory at 54%.
AUD/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am for the outer circle. Inner circle is from the previous trading day.
** CoT sentiment taken from the CFTC’s Commitment of Traders report, outer circle is latest report released on Friday with the positions as of last Tuesday, inner circle from the report prior.
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