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"There was a bit of risk coming off overnight with Japanese GDP being a bit weak. With the raft of global economic data pending, we're seeing long positions coming off"
-Stuart Ive, HiFX (based on New Zealand Herald)
Pair's Outlook
Pair kept depreciating today and as outlook on the pair remains mildly positive for short and medium term, the pair is bound get strong support once it approaches 0.8053 (PP Weekly) and should start appreciating towards 0.8083.
Traders' Sentiment
Current market sentiment remains slightly in favor for the short traders at the moment. However, in the range of 100 pips from the current market price, ratio of buy to sell orders is 3:2 indicating that the pair might have reached a turning point.
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