NZD/USD capped by weekly PP

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We expect some stability at around 0.7800, given its large FOMC-induced fall earlier, but during the days ahead it risks falling towards 0.7709 major support."
- Westpac (based on the New Zealand Herald)


Pair's Outlook
The Kiwi still fails to surpass the weekly PP at 0.7970; moreover, yesterday after reaching this level the NZD/USD cross plummeted below 0.78 level. For now, we see the pair rebounding and consolidating above the major level at 0.78. There still is a possibility that the pair could slump towards the lowest level this year at 0.7707; although, that seems more and more unlikely scenario to happen.

Traders' Sentiment
The difference between the amounts of long (51%) and short (49%) positions remains negligible, meaning the sentiment remains neutral for the time being. Also, the gap between the buy (58%) and sell (52%) orders is narrowing.
© Dukascopy Bank SA

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