© Dukascopy Bank SA
"For the most part, these moves appear to reflect profit taking and speculative position adjustments as we head into a busy period for event risk."
-Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
Pair has been range bound (0.8185-0.8352) for the past 3 weeks and we might see some strong moves as it approaches the lower limit of the range. It would not be much of a surprise if pair would rebound from cluster of support levels at 0.8200-0.8180. This is scenario is predicted by technical indicators as well.
Traders' Sentiment
For the second day in a row the SWFX market sentiment is clearly bearish—69% of traders continue to hold short positions on the pair. Distribution of pending orders (66% to sell, 36% to buy) does not suggest any changes in the future as well.
© Dukascopy Bank SA