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"Markets are very lethargic. We just have to wait to see what Europe thinks about the package tonight. It might be buy the rumour and sell the fact."
- ASB Bank (based on Economic Times)
Pair's Outlook
The downtrend, which started yesterday, has successfully managed to continue, and now the currency pair is soon about to face the 55-day SMA at 0.8194, which is very likely to stop the downtrend, but if it is breached, then next support at 0.8174 (100-day SMA) is expected to change the prevailing bearish tendency. However, the overall indicator outlook is bearish, therefore supporting the current trend.
Traders' Sentiment
Downtrend expectations continue to grow, as at the moment 73% of traders hold short positions. Pending orders are more equally distributed, since 45% of traders ordered to buy and 555 ordered to sell the kiwi Dollar.
© Dukascopy Bank SA