© Dukascopy Bank SA
"Data this week generally have been disappointing after last week's run of stronger-than-expected readings on the economy. This suggests the economy remains mixed with concerns about job security rising further in March."
- Citigroup (based on the Australian)
Pair's Outlook
Pair hovering around 90 cents gave impression that if it is not going to recover we will at least see some consolidation. In the end it dipped by almost 100 pips today, but found support at 0.8921/0.8892. Taking this into account it seems safe to think that pairs bears might have taken a step back for the time being and we should see the pair consolidating around 90 cent mark. However, at the moment it remains a bit unclear if it will happen below or above 20 and 100-day SMA's.
Traders' Sentiment
Market sentiment hasn't changed a bit—bulls continue to hold 63% of open positions. Bullish side of pending orders expanded by 5-15% till 60-65% suggesting we might see major bullish moves soon.
© Dukascopy Bank SA