© Dukascopy Bank SA
- Westpac (based on Radio NZ)
Pair's Outlook
Pair showed clear bullish bias today, but failed to consolidate above 83 cent mark. Weekly and monthly PP pushed the pair back below the 20 and 100-day SMAs. We expect it to consolidate here for a few days. Only a solid close above the 83 cent mark could provoke a full pledged rally, but it is questionable if the pair would manage to advance above weekly R2 in such case. Unexpected dip below the weekly S1 might provoke a minor sell off till 81 cent mark.
Traders' Sentiment
Market is once again sending mixed signals. Bears continue to hold majority, 70% in total, of open positions. However, share of bullish pending orders in 50 pip range increased by 40%, but decreased by 7% in the 100 pip range.
© Dukascopy Bank SA