© Dukascopy Bank SA
- Nordea based on CNBC)
Pair's Outlook
Upon reaching 0.64 psychological level, the New Zealand Dollar was pushed back down to the support cluster around 0.6335. The given cluster is providing resistance today, which should cause the Kiwi to weaken for the second day in a row. The nearest support now rests at 0.6278, namely the weekly S1, while a decline towards the Bollinger band at 0.6253 is also possible. Meanwhile, technical indicators are giving bearish signals in all timeframes, suggesting the NZD/USD is to sustain another loss by the end of the day.
Traders' Sentiment
The gap between bulls and bears narrowed, as 52% of all positions are short and the remaining 48% are long. The number of sell commands took over the majority of the market with 53%.
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