© Dukascopy Bank SA
"The numbers on durable-goods orders were very weak this morning. Even though the decline came mainly from plunges in orders for civilian aircraft and the military, they cast a bit of a cloud over the outlook for the American economy".
- Nomura (based on The Australian)
Pair's Outlook
Pair dipped by more than 50 pips today, but found support wit 20-day SMA and at the moment is hovering slightly below it. It remains plausible that such movement might make pair to gain momentum as readings coming from technical indicators in support of the bulls are still scarce. In addition, majority of pending orders being to go long indicates that market participants are expecting a dip and it is rather unclear if those orders might be enough to support the pair.
Traders' Sentiment
Although both currencies are bought and sold in the market close to 50% of the cases market participants perceive the greenback as the stronger one as 68% of outstanding positions on the pair are long. It is likely bulls will continue to dominate in the market as 64% of pending orders are to go long as well.
© Dukascopy Bank SA