© Dukascopy Bank SA
"It was one of the things that was halting the Fed from tapering previously...it's positive for the USD. If they want to taper in December, it's one more barrier that's been removed."
- ASB (based on The Wall Street Journal)
Pair's Outlook
Pair failed at monthly and weekly R1 slightly above the 83 cent mark and at the moment has fallen till 82 cent mark while breaching 20-day SMA/weekly PP on the way. In case of a solid close below 82 cents the pair should fall as low as 81 cent. It is hard to predict developments after that. However, it is equally likely we will see at least some bullishness around 82 cents. It might even ignite a full pledged rally up to 83 cents.
Traders' Sentiment
Bulls are increasing their pressure on the pairs as bullish side of pending orders increased by 12% since yesterday. However, it remains below the equilibrium, at 42% level. In addition to this, bears lost 5% of the market and at the moment account for 69% of all of the market participants.
© Dukascopy Bank SA