© Dukascopy Bank SA
- Cambridge Mercantile Group (based on CNBC)
Pair's Outlook
As suspected, the rally seen a few days ago turned out to be shallow, failing to reach the nearest important resistance at 0.7918/0.7895, the zone formed by weekly and monthly PP with the 55-day SMA. Accordingly, the risk of the support area that stretches from 0.7752 down to 0.7715 being breached in the nearest future increases.
Traders' Sentiment
The New Zealand Dollar has become more attractive, given that the portion of long positions expanded by four percentage points to 61%, even though in its other currency pairs NZD is bought in less than a half of the cases (49%). Speaking of orders, 45% are to buy and 55% are to sell the kiwi.
© Dukascopy Bank SA