© Dukascopy Bank SA
"Dollar bulls need to tread warily — an Obama victory will likely trigger some profit-taking on Wednesday by dollar longs"
- FxPro (based on MarketWatch)Pair's Outlook
NZD/USD retreated from 0.8276/82, but is presently unwilling to step lower, being supported by 0.8237/18. Additional obstacle in case the pair weakens is situated at 0.8198/87, though the bias on the price is largely bullish, as suggested by a majority of technical indicators. Consequently, we may anticipate resumption of an upward activity. The initial target lies at 0.8276/92, followed by 0.8337/42.
Traders' Sentiment
Market participants did not alter their stance towards NZD/USD and remain generally short (66%) on the pair, while only 34% believe the kiwi is poised to strengthen and hold long positions. At the same time orders do not provide an insight into the market, as the shares of buy and sell orders are nearly equal—48% to 52%, respectively.
© Dukascopy Bank SA