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- Commonwealth Bank of Australia (based on TVNZ)
Pair's Outlook
Pair was pushed back down after reaching 0.844 where it met significant resistance from monthly R2 yesterday. However, it seems it was jus a temporary setback as at the moment it is strong and willing to reach yearly high right after it breaches weekly R2. Although stochastic indicator has been in overbought area for quite some time it's readings are neglected by all the other indicators.
Traders' Sentiment
Short traders have strengthened their presence in the market a bit and at the moment they hold 75% of all positions in the market. However, pending buy orders increase by 16% as they account for 70% of all pending orders suggesting that market participants starts seeing it as being overbought .
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