© Dukascopy Bank SA
- BK Asset Management (based on the New Zealand Herald)
Pair's Outlook
NZD/USD fluctuated in the range from 0.77 to 0.79 this week and at the week's end it has dropped below the 0.78 mark. However, the pair seems supported at the current trading level by the weekly S1 at 0.7757. In case the technical indicators forecast correctly then we are likely to see a dip lower, possibly towards the 0.77 level. At the same, time a realistic scenario is that the weekly S2 holds and the pair tests the 0.78 mark.
Traders' Sentiment
The sentiment remain more or less neutral, with 52% of the SWFX market participants being bearish on the pair. Concerning the orders placed 100 pips from the spot, there are now even more commands to sell—76% after 67% yesterday.
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