NZD/USD breaches 0.79

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The technical pattern on the kiwi going back over the last 12 hours does suggest that we may see a little bit of further push to the upside, maybe even up to 79, where we would expect to see sellers coming into the market."
- OMF (based on the New Zealand Herald)


Pair's Outlook
Similarly to AUD/USD pair the Kiwi has reversed some of the weekly losses during the last two trading days; although, most likely it will be not enough to post weekly gain. The biggest challenge for the pair is the 0.80 level that is also represented by October high at 0.8035. The daily and monthly technical indicators suggest that the pair's bulls will form a attack towards these levels. Although, it is important to close above the 0.79 level today for that to happen.

Traders' Sentiment
The difference between the long (48%) and short (52%) positions stay stable, that is indicating that the SWFX market participants are not sure which way to take. The distribution between the buy and sell orders is less stable—38% and 62% respectively.
© Dukascopy Bank SA

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