© Dukascopy Bank SA
"With repatriation flows a key driver of recent U.S. dollar demand (e.g. fuelled by a risk aversion unwind of dollar-funded carry trades), the Q1 consumer price index has the potential to trigger further gains."
- Credit Agricole (based on The Economic Times)
Pair's Outlook
Pairs corrective move has, with some trouble, consolidated above the 200-day SMA and at the moment it is testing 0.943/45. Short term technicals suggest that pair will have significant difficulties breaching it. However, overall trend should remain bullish all the way till 95.4 cents. Short term sell offs should find support with the 200-day SMA at 0.934
Traders' Sentiment
After an interesting development few days ago (share of pending orders posted by the bulls decreased by 9%), market sentiment is remaining exactly the same as yesterday—56% of all open positions are long on the pair and 53% of all pending orders on the pair are long.
© Dukascopy Bank SA