© Dukascopy Bank SA
- Commerzbank AG (based on Bloomberg)
Pair's Outlook
As of today the pair has been fighting to surpass the major level at 0.79 and the 55-day SMA at 0.7905. To reach the psychological level at 0.80 NZD/USD has to breach the weekly R2 and monthly R1 at 0.7938/85. The daily and weekly technicals do not meet our expectations as they are pointing to a different direction. If the Kiwi is poised to approach or even to break the 0.80 level then it has to strengthen its positions with a close above the 0.79 mark.
Traders' Sentiment
The difference between the amounts of long (49%) and short (51%) positions remains negligible, meaning the sentiment is still neutral. Moreover, it has not changed for 8 straight trading days. Meanwhile, the share of sell orders grew from 54% up to 56%.
© Dukascopy Bank SA