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"A daily close above this level would amplify the oversold nature of the daily studies, exposing the high at $C1.1223 once again. A close above yesterday's high at C$1.0976 would be an even more powerful signal."
- RBC Capital Markets (based on Bloomberg)
Pair's Outlook
Pair received a substantial bullish impetus from the weekly S1/55-day SMA and is trading above the major level at 1.10 today. It might be that the pair will take a step back and will be consolidating above this level for some time, but should resume appreciating in the nearest future. We should start looking at 2014 high as it seems it might fail the pair once more and send it trailing down in the medium to long term.
Traders' Sentiment
Market sentiment returned to the 60:40 distribution. Bulls once again hold 63%, 8% less than yesterday, of open positions. Distribution of pending orders changed by 3-6% and is at 56-62% levels depending on the range.
© Dukascopy Bank SA