© Dukascopy Bank SA
- Bank of New Zealand (based on the New Zealand Herald)
Pair's Outlook
Since the beginning of the week when the pair first received a bearish impetus it has not looked back, today falling beneath the 0.87 mark. The next support level is just slightly lower, but there is a cluster of important levels (weekly S2, monthly PP; 55 and 100-day SMAs) around the 0.8650 level. Undoubtedly, this should slow down current decline; however, if even these levels fail to that then the 0.86 level will be approached most likely.
Traders' Sentiment
With the current retreat the amount of bullish traders has decreased but they are still in overwhelming majority (68%). Concerning the orders placed 100 pips from the spot, there are now more commands to sell—66% after yesterday's 60%.
© Dukascopy Bank SA