© Dukascopy Bank SA
"The 2.5 cent range getting traded is nudging the record nine weeks of a very narrow range we had in March. We haven't had any bad news anywhere apart from the storm and we expect the kiwi will end the week higher."
- Westpac Banking Corp (based on Sky News)
Pair's Outlook
For the past 6 trading days pairs moves were mostly within 20 bar SMA-upper Bollinger band boundaries. Suspicions that pair is range bound became even stronger yesterday, and, especially, today as pairs moves were no larger than 38 and 28 pips respectively. It does not seem that we will see much of a difference in the near future as well. Such scenario is supported by technical indicators as well.
Traders' Sentiment
Short traders continue hold overwhelming, 72%, majority in the market for this whole trading week. Share of pending sell orders decreased by additional 2% (7% decrease in last few days), and is at 58% suggesting that perception of possible pair moves in the near future are changing.
© Dukascopy Bank SA