© Dukascopy Bank SA
"It's becoming increasingly clear that economic growth in China is slowing more sharply than many had expected. The deterioration in activity has also taken a toll on Chinese demand for many commodities."
-National Australia Bank (based on The Australian)
Pair's Outlook
Pair received a strong push from resistance levels around 1.500 and currently is testing cluster of support levels around 1.0403/392. Although technical indicators point at recovery of the pair it is much more likely that the pair will continue to depreciate.
Traders' Sentiment
2% of traders closed their short positions on the pair and market sentiment is in perfect equilibrium between bears and bulls after the weekend. However, 56% of all pending orders on the pair are buy orders suggesting that we might see a major shift in market sentiment in the near future.
© Dukascopy Bank SA