© Dukascopy Bank SA
- BK Asset Management (based on the New Zealand Herald)
Pair's Outlook
NZD/USD touched the 0.84 today; however, it bounced back to trade around the long-term up-trend support line at 0.8435. The Kiwi's decline is starting to lose pace as the daily drops are not as sharp as they were at the beginning of the retreat, which started at the middle of July. Nevertheless, the daily technical indicators are bearish, thus the pair might reach the 0.84 level again. Although, we do not expect the Kiwi to weaken below 0.84 just yet.
Traders' Sentiment
If five days ago it seemed that the sentiment might become bearish once again, then now it looks like the bulls (58%) are in distinct majority. The gap between the buy (70%) and sell (30%) orders placed 100 pips from the spot is more significant at the moment.
© Dukascopy Bank SA