© Dukascopy Bank SA
- ANZ Bank New Zealand (based on the New Zealand Herald)
Pair's Outlook
At the beginning of the week, the New Zealand's Dollar fell near the major level at 0.83; however, now, on Friday, the pair has reversed almost all of the previous declines. At the same time, it is not completely clear whether the pair is capable of breaching the 0.84 mark. The daily and weekly technical studies are more to the downside, suggesting that an advance above the major level at 0.84 is unlikely to occur. However, we expect the pair to be range bound around the current trading levels.
Traders' Sentiment
After a brief climb (up to 63%) the percentage of long positions returned to its more familiar level—61%, meaning the sentiment is likely to stay bullish for some time.
© Dukascopy Bank SA