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"Christmas sales may turn out to be fairly flat, but it's great to think that we might get a spike in this post Christmas sale period."
- Australian National Retailer's Association (based on Bloomberg)
Pair's Outlook
For the second day in a row pair has been moving up and down in 30 pip range (1.0385-1.0355)—primarily between 100–day SMA and Bollinger band. It is likely such situation will last for some time more as we lack conclusive readings from technical indicators. However, the Stochastic indicator is deep in the oversold zone and slow K and D have intercepted allowing to believe that we might see an attempt to recover all of those losses anytime soon.Traders' Sentiment
Market is continuing to show strong bearish tendencies as 70% of traders are holding short positions on the pair and 55% of all pending orders on the pair are to go short as well. It is worth mentioning that similar situation is holding for almost two weeks already.
© Dukascopy Bank SA