© Dukascopy Bank SA
- BNZ (based on the New Zealand Herald)
Pair's Outlook
The Kiwi has started this week strongly, it already has added more than 100 pips to its value and it has all the prerequisites to climb even higher. The monthly technical indicators are also giving the go to the bullish traders by being directed to the north. Nonetheless, the traders' have to be careful closer to the 0.80 mark, which has established itself as a very strong resistance level. But to challenge it NZD/USD has to surpass the 55-day SMA and weekly R2 first.
Traders' Sentiment
The market sentiment towards NZD/USD remains unchanged as bears continue to hold a slight majority of all of the open positions on the pair, namely 51%. While, the distribution between pending orders has changed significantly as the buy ones dropped to 29%.
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