© Dukascopy Bank SA
- WestPac Banking Corp. (based on Bloomberg)
Pair's Outlook
The major Asian currency pair depreciates from a 30-month low, as technical gauges indicate an overbought situation. The price slipped from a 90.17/51 resistance level and currently the pair is testing the weekly PP at 88.66. The closest support level is at 88.47, where the monthly R1 is located, and after that a 87.66/35 area, where the weekly S1 merges with the 50-day SMA. But situation for a short positions is extremely risky, as USD/JPY is depreciating only the first day and is still in a very strong bullish trend.
Traders' Sentiment
SWFX market investors gradually reduce their bullish sentiments, since 37% of positions are long and 63% are short. Pending orders situation remains bullish, but the extent of it is lower than in the previous month, as 78% of orders are buy and 22% are sell.
© Dukascopy Bank SA