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- HSBC (based on Bloomberg)
Pair's Outlook
NZD/USD bears are challenging the monthly S1 at 0.8513, this is the biggest obstacle that they have been facing since breaking the major level at 0.86. If this level is breached then just slightly lower there is the major level at 0.85, 200-day SMA and weekly S1 at 0.8489. Undoubtedly, these support levels could slow down the decline; however, we do not expect that these levels could halt the retreat. The fact that the daily technical studies are bearish could definitely help to fight the previously mentioned support levels.
Traders' Sentiment
For the first time in more than a half year the SWFX traders think that the Kiwi is oversold as 52% of them are bullish on the pair. In the meantime, the share of buy orders fell from 74% down to 68%.
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