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"People are waiting for the inevitable - which is that policymakers will probably fail to do what is necessary. There's still the tantalizing possibility there may be some give and take at the summit, so there's a degree of giving EUR the benefit of the doubt. But the long-term downtrend is distinctly negative."
- Neil Mellor, Bank of New York Mellon (based on Reuters)
Pair's Outlook
NZD inched higher today, approaching the 0.7970 level (200-day SMA). If bullish inertia to continue, 0.8082 (Upper Bollinger band) might become the second resistance for bullish investors. A breakout of this level would expose the third resistance at 0.8148 (R3 Weekly).
Traders' Sentiment
SWFX marketplace traders' sentiment has significantly changed on NZD/USD since yesterday and currently it is neutral as 51% of currency traders hold short positions, contrary to 49% of traders keeping long positions. Over the middle term, 75% of currency traders expect NZD/USD to advance.
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