© Dukascopy Bank SA
- ANZ Bank New Zealand (based on the New Zealand Herald)
Pair's Outlook
The pair is trying to climb towards the weekly S1 at 0.8599 for the second straight day after its significant drop on Tuesday. Although, the Kiwi has reversed some of the losses it still has not regained its bullishness, what it had at the beginning of the month. We expect the Kiwi to reach the weekly S1 and then to falling back to current trading levels. Ultimately, we see the pair trading around the 55-day SMA at 0.8615.
Traders' Sentiment
The traders' sentiment with respect to NZD/USD stays explicitly bearish, since as many as 72% of open positions are short. In the meantime, the relative number of sell orders is largely bullish—100-pips from the spot price their share is at 68%.
© Dukascopy Bank SA