© Dukascopy Bank SA
- Bank of New Zealand (based on the New Zealand Herald)
Pair's Outlook
After the disappointing end of the last week and the beginning of this week, we saw the pair jumping in value on Wednesday, as it added almost 150 pips. This move added to our belief that the NZD/USD cross is likely to form a triple bottom pattern. The technical indicators; however, show a completely different picture as the daily and weekly ones are still bearish. Nonetheless, very important will be whether the Kiwi breaks the monthly PP and weekly R1 ahead.
Traders' Sentiment
Meanwhile, the SWFX data fails to shed the light on the pair's future moves – the proportions of long and short positions are almost equal, as 51% are set to sell.
© Dukascopy Bank SA