© Dukascopy Bank SA
- UBK Asset Management (based on the New Zealand Herald)
Pair's Outlook
Apparently, the 0.78 level was too hard to beat for the pair's bears for now; however, it still remains their target and beating it would not be too unrealistic. Nonetheless, the daily and monthly technical indicators suggest that the pair is unlikely to fall lower. Moreover, the pair seems to have formed a double bottom pattern and now it is going for the triple bottom, if that is successful the pair will reach the lowest level this year before its rebound.
Traders' Sentiment
The gap between the bearish and bullish SWFX traders has not changed and the sentiment remains to be neutral, with 52% of them being short. At the same time the difference between the buy (35%) and sell (65%) orders is widening.
© Dukascopy Bank SA