© Dukascopy Bank SA
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
The Greenback has been bearish this week as it has been declining for five consecutive days, reaching the weekly S2 today. Now, we expect this to be a correction before a further advance as the majority of the daily and monthly technical studies are pointing upwards. Also the overall trend, which started at the beginning of July, is bullish; therefore, we anticipate the pair to rebound above the 1.09 level from the current trading levels.
Traders' Sentiment
For a third day in a row the sentiment is completely equal for bullish and bearish traders. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to sell—namely, 75%, after yesterday's 56%.
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