© Dukascopy Bank SA
- Khoon Goh, Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
Since NZD/USD was unsuccessful at gaining a foothold above a key resistance line, most of the action during at least the second part of the current month is likely to be seen beneath 0.8476. The price has already fetched 0.8410, but is also deemed capable of charting a trough near the up-trend support line at 0.8358/32, which is also a monthly pivot point and the 55-day SMA.
Traders' Sentiment
The ratio among the holders of long and short positions was subject to change overnight, becoming 27% to 73% accordingly, but the sentiment remains strongly negative towards the kiwi in this pair and in the market overall. Pending orders reacted to a spike down more distinctly, as the shares of buy (52%) and sell (48%) orders are now nearly equal.
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