© Dukascopy Bank SA
"The nonfarm payrolls on Friday disappointed and caused a broadly weaker U.S. dollar, which has given the Kiwi a bit of a leg up today."
- Western Union Business Solutions (based on The Wall Street Journal)
Pair's Outlook
Pair was underpinned by December high for quite some time, but breached it and at the moment is testing weekly R2. We expect to see only some mild bearishness around here and 0.8436/55 to be tested soon. It should not give up easily, but peak above it would put 0.8544/49 on the map. Failures at any of the points are rather likely, but the pair should not dip lower that 0.8280.
Traders' Sentiment
Market remains dominated by the bears. They hold 71% of all open positions, which is marginal 1% less than on Friday. Bearish side of ending orders, however, expanded in most of the ranges by up to 10% as only 13% to 25% of pending orders are set to go long.
© Dukascopy Bank SA