© Dukascopy Bank SA
- Westpac Banking Corp. (based on the New Zealand Herald)
Pair's Outlook
The Kiwi is still bullish and it managed to break the 100-day SMA at 0.8539 today. Now it has more significant obstacle in front—weekly R1, monthly PP and 55-day SMA at 0.8569/84. We expect that the New Zealand currency will struggle to breach it, at the same time it is possible that the Kiwi will fail to break this level. The daily technicals are bearish and that could also play an important role. Despite the slightly bullish monthly technical indicators we are short in longer term.
Traders' Sentiment
Less and less traders consider the dip in NZD/USD to be overstretched. Accordingly, the share of short positions grew from 60% to 63%.
© Dukascopy Bank SA