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"[…] stuck in a familiar range but with a slightly softer tone, due to the fact that the Aussie dollar is finding it pretty tough-going, with weaker data and the slowdown in the mining sector."
- ANZ Foreign Exchange (based on The Wall Street Journal)
Pair's Outlook
Kiwi slowed down today suggesting we might see a pullback after Double Top pattern formation as pair faced resistance from monthly pivot at 0.7924. However pairs. outlook remains negative and pair should drop below 0.79 in the short term.
Traders' Sentiment
Trader sentiment was deviating not far from 50% (+/-2%) gauge for three weeks, but became clearly bullish reaching 59% mark yesterday. However, it weakened today and currently 56% of traders hold long positions on the pair. Share of pending buy orders increased by additional 13% and currently 77% of all posted orders are buy orders.
© Dukascopy Bank SA