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- ANZ (based on Business Recorder)
Pair's Outlook
On Wednesday the resistance area around 0.7050 proved to be too strong to pierce, which led to the New Zealand Dollar's decline against the US Dollar that day. As a result, the Kiwi fell back under the 0.70 major level, but with the bullish bias still intact. The NZD/USD currency pair now risks falling all the way down to the 0.69 psychological level, with the nearest support located circa 0.6880, represented by the weekly PP and the 20-day SMA. However, technical indicators are giving mixed signals, suggesting that the bullish outcome is also possible. In this case the 0.70 mark could be reconquered, but the immediate resistance in face of the weekly R1 is to weigh on the NZD.
Traders' Sentiment
Traders' sentiment remains unchanged at 70%, but the percentage of buy orders grew dramatically, namely from 66 to 83%.
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