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"It would appear that when Mr. Bernanke steps down there will be no change to monetary policy, so Janet Yellen may become the Wicked Witch of the West who will trim the QE policy."
- IG (based on The Globe and Mail)
Pair's Outlook
The pair has failed ahead of weekly and monthly R1/downtrend resistance (July and August highs). It has found support with 1.0420 and we expect the pair to hover above it for some time. If the pair dips below it we could see it trailing to 1.030. In order to resume the recovery the pair should advance above the mentioned downtrend resistance.
Traders' Sentiment
It seems we will continue to see a bull dominated market as bullish side of pending orders returned to being at 59% level and overwhelming majority (74%) of open positions are opened by the bulls.
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