© Dukascopy Bank SA
- New Zealand Finance Minister Bill English (based on Bloomberg)
Pair's Outlook
The NZD/USD currency cross is still bearish and it is trading below the 0.83 level, even though the pair managed to climb above the 0.83 mark at the end of the last week. Moreover, the daily and weekly technical studies are bearish; therefore, suggesting that a further retreat might be expected. The next bearish target level is monthly and weekly S1 at 0.8265/60; although, to our mind more critical will be the weekly S2 and down-trend's support line around the 0.82 level. A slide below the mark could trigger a sell-off.
Traders' Sentiment
The bullish sentiment is starting to vanish slowly, if four trading days ago 62% of the traders were bullish then as of today only 56% of the SWFX market participants have opened long positions on the pair.
© Dukascopy Bank SA