© Dukascopy Bank SA
"It was a night of USD strength, which gained against all the major currencies as well as a wide swathe of emerging market currencies."
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
After a few sessions trading sideways the pair received a bullish impetus from the 20-day SMA/weekly PP around 83 cent mark and at the moment is aiming at weekly R1. We expect the pair to succeed here, but Feb high is likely to send the pair, once more, trailing till 55 and 100-day SMA. Such scenario becomes even more likely if the pair is to test 2014 high.
Traders' Sentiment
Bears are continuing to dominate market. At the moment they account for 74%, 1% more than yesterday, of traders. In addition, bearish side of pending orders expanded by 15-17% and is at approximately 77% level today.
© Dukascopy Bank SA