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- Kit Juckes, head of currency research at Societe Generale in London (based on Bloomberg)
Pair's Outlook
NZD/USD is continuing its movement within a rectangle pattern, and has embarked a bullish direction. The closest targets now are 0.7950 (20-day SMA) and 0.7982 (weekly forecast target). However on the weekly target technical indicators give bearish signals , pushing NZD/USD to the lower Bollinger band at 0.7860.
Traders' Sentiment
Despite a strong support of the lower Bollinger band, majority of traders (68%) plan to open short positions in near term. On the other hand significant 32% of traders believe in pair's recovery and movement towards 0.7982 weekly target.
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