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- ASB Bank (based on CNBC)
Pair's Outlook
As expected, a test of the support at 0.7904/0.7885 resulted in a strong recovery, which pushed the price up to the resistance consisting of the weekly and monthly R1 levels, also the upper Bollinger band. Further advancement will imply a confrontation between NZD/USD and the solid area at 0.8161/29 that is keeping the bearish bias intact.
Traders' Sentiment
Regardless of large gains posted by the currency pair today, according to SWFX market participants, the likelihood of NZD/USD maintaining its bullish momentum is not decreasing. On the contrary, this rally encouraged even more bulls to enter the market, as the portion of longs grew up to 47%.
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