© Dukascopy Bank SA
"In the absence of any data, we're at the mercy of offshore markets. If the kiwi holds its support at 81.90 US cents, it's probably got scope to test a little higher."
- OM Financial (based on The Australian)
Pair's Outlook
Pair peaked above the weekly PP, but failed to consolidate there due to the failure at the 20-day SMA. At the moment it is testing 100-day SMA. We expect the pair to succeed and test 200-day SMA some team in the nearest future. Dip below it would put weekly S1 on the map. Failure at it could easily provoke a sell off till 79 cents, where median expectation of major market participants is located.
Traders' Sentiment
Bearish side of pending orders decreased by 14% and is at 51% gauge today. However, bears continue to dominate in the market as they account for 73% of the market participants.
© Dukascopy Bank SA