© Dukascopy Bank SA
- RBNZ Governor Graeme Wheeler (based on Bloomberg)
Pair's Outlook
At the moment, the Kiwi seems like it has received a bullishness; however, the pair most likely will not surpass the 55-day SMA at 0.7890. It looks like a short-term strength, while in the longer-term the pair is still neutral. Moreover, the NZD/USD cross is likely to form a triple bottom pattern, with the bottom around the 0.77 level. Thus, we expect that the pair will fall towards this level before reversing some of those losses.
Traders' Sentiment
Market sentiment has changed just barely as the amount of the bears in the market reached 52% of all of the open positions on the pair. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to sell, namely 71%.
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