© Dukascopy Bank SA
- U.S. Bank Wealth Management (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar is losing its positions against the US peer, as of today the pair dropped below the monthly PP and later even below the weekly S1 at 0.7807. However, according to the daily and monthly technicals, NZD/USD is poised for a rally, which to our mind is highly unlikely scenario. We can agree that in the short-term the Kiwi could recover some of the losses but in the longer haul the pair is likely to decline towards this year's low at 0.7662.
Traders' Sentiment
Current decline is apparently not influencing the SWFX traders; as compared to the yesterday's readings, the share of short positions (52%) has not changed. At the same time the difference between the buy (52%) and sell (48%) orders is narrowing.
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