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"The jobs data hasn't completely obliterated concerns about a slowing US economy but it certainly went some way."
- ANZ New Zealand (based on The New Zealand Herald)
Pair's Outlook
After mild gains pair dropped by 70 pips and at the moment is trading below 0.85 (supported by 20-day SMA). Technical indicators almost unanimously point at appreciation of the pair, but for the time being it does not seem that the mentioned SMA could kick the pair in to the higher gear. This is much more likely to come from 0.839 area, especially taking in to account current strong bearish sentiment in the market.
Traders' Sentiment
Bears continue to hold overwhelming majority in the market. At the moment they hold 71% of all outstanding positions in the market. This number decreased by 2% during the weekend. Taking in to account that 61% of all pending orders are to go long it might be that market sentiment will continue becoming more bullish.
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