© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
The Kiwi's bulls are fighting back, as we are seeing some of the last week's bullishness, when November high at 0.7976 was set. As mentioned yesterday the most likely scenario is a formation of triple bottom pattern by the pair sliding towards this year's low at 0.7662. However, if NZD/USD holds its positions around the weekly and monthly PPs at 0.7668/50, then the bulls could push the pair higher, possibly challenging the monthly R1 at 0.79 once again
Traders' Sentiment
The difference between the long (48%) and short (52%) positions did not change since yesterday and it still remains negligible. Concerning the orders placed 100 pips from the spot, there are now more commands to buy, namely 62% following yesterday's 57%.
© Dukascopy Bank SA