© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
For the first time in May the pair fell below the major level at 0.86 and slid even further almost reaching the weekly S2 at 0.8560. This retreat occurred despite of the fact that the distinct majority of the techincals are bullish. We expect the pair to extend its drop towards the weekly S3 and major level at 0.8511/00. Nonetheless, the pair has fallen below the 55-day SMA for the first time since early February this year and that could also provoke pair's bulls.
Traders' Sentiment
Market sentiment remains unchanged as bears continue to hold 74% of all of the open positions on the pair. At the same time the difference between the buy (61%) and sell (39%) orders is widening.
© Dukascopy Bank SA