© Dukascopy Bank SA
- OMF (based on The New Zealand Herald)
Pair's Outlook
On Tuesday, the New Zealand Dollar edged closer to the Bollinger band, which caused the Kiwi to bounce back and end the day with only minor losses. Today downside volatility also reached the Bollinger band, which prevented a deeper fall. Therefore, this support is likely to cause a rebound and help the NZD/USD to reclaim the 0.67 major level, negating this week's losses. Meanwhile, the closest resistance is located only at 0.6737, meaning that the given pair will doubtfully have the strength to reach it.
Traders' Sentiment
Although not as strong as yesterday, but SWFX traders' sentiment remains bullish at 66%. At the same time, the share of buy orders nearly doubled. The commands now take up 56% of the market.
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