© Dukascopy Bank SA
"US data is the main theme, and people are watching the November numbers for a cleaner read. The US dollar is still going up because of Friday's report."
- Westpac Banking Corp (based on TVNZ)
Pair's Outlook
Pair remains somewhat range bound, today increased it and dipped to October low. As the pair is demonstrating increasing bearishness it might be that October low will come under pressure. Dip below it might not cause a major sell off as 100 and 200-day SMA is still there. Dip below it could easily provoke a major sell off till 80 cent mark. Only advancement above the 55-day SMA would neutralise most of this downside pressure.
Traders' Sentiment
Not a single part of market sentiment changed since yesterday. Bears continue to hold 71% of all open positions and bearish side of pending orders remain at 54%.
© Dukascopy Bank SA