© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
Today NZD/USD currency pair approached the weekly PP at 0.8615 and by doing that it also breached the major level at 0.86. It seems that the monthly PP is a strong enough support for the time being and depreciation below it is unlikely in the near term. In our opinion it will be challenging to climb towards the weekly R1 at 0.8668; although, it will be highly impacted by its closing level. If the pair manages to close above the weekly PP then it could extend the climb further.
Traders' Sentiment
The gap between the amounts of long and short positions open on NZD/USD has remained unchanged already for five straight days at 28%.
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