© Dukascopy Bank SA
- Westpac (based on The New Zealand Herald)
Pair's Outlook
After a 80 pip deviation yesterday, pair became somewhat less volatile and is moving in 50 pip range, but it seems to be continuing to form bearish candles as either 55-day or 100-day SMA is giving the pair a bearish impetus. The Stochastic indicator suggest we might be on the verge of a bullish correction, but pair seems to be lacking a driver behind it. As a conclusion of such situation we should see at least a few more choppy sessions around 0.82 cent area.
Traders' Sentiment
For the second day in a row bears have lost significant chunk of the market—at the moment the hold 65% of all positions (-5% since yesterday). However, 68% of pending orders are to go short suggesting that bears should not loose much more of a market share in the future.
© Dukascopy Bank SA