© Dukascopy Bank SA
- Societe Generale SA (based on Bloomberg)
Pair's Outlook
The pair has plummeted below the cluster of support levels (monthly PP, 55 and 100-day SMAs), after struggling to do so for five straight trading days. Now, the next target level is the weekly S2 at 0.8553; although, the pair's bears should not have problems with breaking it. However, the next major support will be the monthly S1 and April low at 0.8513/15. Nevertheless, the weekly technical indicators are largely bullish and that could slow the Kiwi's fall.
Traders' Sentiment
The amount of pair's bulls continue to increase and at the moment the sentiment is almost neutral with 52% of the traders being short. At the same time the gap between the buy (45%) and sell (55%) orders is widening.
© Dukascopy Bank SA