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Pair's Outlook
The pair still is stuck between the monthly and weekly PPs (0.8570 and 0.8615). It seems that the market participants are waiting for some major movement to understand where the pair is headed. The Kiwi is already trading above the weekly S1 and 2013 highs since March; therefore, it is rather difficult to break these support levels. Nevertheless, if the monthly PP is broken we expect a decline below the 55-day SMA.
Traders' Sentiment
The difference between the amounts of long and short positions open on NZD/USD has slightly narrowed since the previous report, at the moment 71% are bearish. Concerning the orders placed 50 pips from the spot, there are now more commands to sell—73% after yesterday's 60%.
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