NZD/USD trades around 0.85

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"…it will be interest to see what the RBNZ has in store for the NZD at this Thursday's meeting." -
 Bank of New Zealand (Based on New Zealand Herald)

Pair's Outlook

After yesterday the pair remained unchanged, however we have seen it strengthening today and it is looking to break monthly R1 at 0.8518. Although, we expect that the pair will trade between monthly R1 and 2014 high at 0.8431. At one point it might drop towards 20-day SMA and weekly S1 (0.8369/68) as we think that the pair is slightly overbought.

Traders' Sentiment

The difference between the long (30%) and short (70%) positions narrowed since the last report. Concerning the orders placed 100 pips from the spot there are now more commands to sell compared to yesterday, respectively 60% to 47%.

© Dukascopy Bank SA

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