© Dukascopy Bank SA
"We've had these minutes from the Fed which the market took as suggesting that we're going to see a winding down of the US stimulus program a lot sooner than the market had previously expected."
- ForexCT (based on The Sydney Morning Herald)
Pair's Outlook
Pair continues to depreciate after failing at 55-day SMA. Today it eroded 100-day SMA and at the moment is testing weekly S2. We expect the pair to gain momentum and depreciate further. Standalone weekly and monthly pivots should not provide enough support to stop the pairs fall. We expect the pair to reach 90 cent zone in the nearest future. In case of an unexpected recovery the pair should return above 94 cents to neutralise most of the bearishness.
Traders' Sentiment
Market became noticeably more bullish since yesterday. Bulls at the moment account for 72% of market participants. That is 3% more than yesterday. Bullish side of pending orders increased by 6% as they are now equally divided between the long and short traders.
© Dukascopy Bank SA