© Dukascopy Bank SA
- ANZ Bank New Zealand (based on the New Zealand Herald)
Pair's Outlook
The pair's bulls have managed to halt the down-trend that started at the first part of July and at the moment the pair is trading above the 0.85 mark. The technical studies are mixed—the shorter term indicators are more to the downside; however, the monthly technicals are pointing to the north. To our mind, the most likely scenario is that the pair will continue to fluctuate around the major level and the 200-day SMA at 0.95/0.9496. Nevertheless, a close more than 10 pips below these levels could cause a minor sell-off.
Traders' Sentiment
The pair's sentiment has changed significantly. Today only 38% of the market participants are long on the pair, even though on Friday the majority (56%) of them expected an advance.
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