© Dukascopy Bank SA
- Bancorp Treasury Services (based on the New Zealand Herald)
Pair's Outlook
NZD/USD was trading very close to its record high (0.8845) last week and at the beginning of this week it still remains near this level. If we believe the technical indicators then we can expect a sideways trend. However, we are more bearish than bullish as the pair is fluctuating at very high levels. Therefore, if the Kiwi slides beneath the major level at 0.88 then we might see it depreciating towards April high and the weekly S1 at 0.8738.
Traders' Sentiment
An overwhelming majority (71%) of the market participants believe that the buck is going to regain its bullishness and increase in value relative to the New Zealand peer. The distribution between the buy and sell orders is also not stable—35% and 65% respectively.
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