© Dukascopy Bank SA
"The market seemed to make the assumption that next week we won't get any formal plans therefore US dollar was sold in the afternoon session."
- Westpac (based on The Australian)
Pair's Outlook
Pair has breached the major support area around 0.92. Together with the readings of short term technicals it gives strong indications about bearish outlook on the pair. It might be that pair will find some support around 0.91. Traders, however, should focus at 0.90 where we find 2013 low and few other significant levels. There is a small chance we will see a short term rallies which might send the pair peaking to 0.920 and 0.925.
Traders' Sentiment
Share of bulls in the market returned to the upper limit of 70-75% range which has been holding up for quite some time now. Majority (56%) of pending orders, however, now belong to the bears.
© Dukascopy Bank SA