© Dukascopy Bank SA
- Ranjeetha Pakiam (based on Bloomberg)
Pair's Outlook
The Bullion opened slightly above Thursday's closing price on Friday and went on to push through the bottom Bollinger Band at 1,129.92 to now face 1,135.96. The pair will definitely hitch at the area before a retracement of the broken trend-line is executed at 1,140.46. Currently mid-channel, the pair has set the floor at the bottom trend-line of the pattern where it is bolstered by the monthly S1 and weekly S3. We see the pair closing in the red zone after the correction is completed and we will turn to the hourly chart to evaluate the corrective process.
Traders' Sentiment
Traders reminded optimistic on the bullion showing a 61% long position proportion, same as the two previous sessions, while long pending orders fell by 5% and resulted in a 62% reading.
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