© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
Although the New Zealand Dollar did decline on Friday, the monthly S1 kept the pair from sliding down further. Furthermore, the Kiwi's attempts to edge lower over the weakened were also dampened by the given support. Nevertheless, the weekly S1 has little chance of holding today as well and is expected to give in, causing the NZD/USD currency pair to drop as low as 0.64, also bolstered by the weekly PP and lower Bollinger band around 0.6390. Meanwhile, technical studies remain mixed, unable to confirm the scenario.
Traders' Sentiment
Traders' sentiment keeps deteriorating, as 69% of all positions are now short (previously 64%). Meanwhile, net positions are equally divided between the buy and the sell ones.
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