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"The 0.8000 level may provide some resistance but a move through there and on through 0.8050 would see the uptrend reinstated."
- Rankin Treasury Advisory (based on MarketWatch)
Pair's Outlook
NZD/USD attempts to jump higher, though the US positive macroeconomic data (Building permits: 0.78M act./0.73M est.) holds the pair back. If bullish momentum to intensify, 0.7961 (200-day ma) is going to be the first target for bulls. Once this line is left behind, 0.8012 (Upper Bollinger band; R1 Weekly) and 0.8106 (R2 Weekly) will be in focus among bullish investors.
Traders' Sentiment
The majority of currency traders anticipate the pair to decline further (57%) whereas the majority of investors (43%) hold short positions. Within 100-pip range from the market price, investors remain strongly bearish on the currency couple (75%).
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