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"The U.S. data yesterday reminds the market that while most of the focus remains on Europe, the U.S. economy continues to slide and if this carries on it could clearly counterbalance any of the positive market vibes that came from the recent EU summit."
- Standard Bank (based on MarketWatch)
Pair's Outlook
The New Zealand dollar moved higher against the US dollar, and presently the course presently holds an initial resistance at 0.8082 (61.80% Fibo). Once this level is breached, 0.8166 (R2 Weekly) and 0.8227 (R1 Monthly) are going to be next targets among bullish traders.
Traders' Sentiment
NZD/USD currency pair is overbought to a large extent, since 74% of all the positions opened are long. Consequently, shorts constitute 26% of the market. Within 100 pips from the market price, bullish stance settles back with only 57% of market participants expecting NZD/USD to advance further.
© Dukascopy Bank SA