© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
On Thursday, the Kiwi tested the monthly PP once again, which forced the NZD/USD to sustain losses and almost completely negate Wednesday's losses as well. The NZ Dollar is expected to end the week lower, as the US fundamentals boosted the Buck sufficiently in order to weigh on the NZD. Immediate support is located around 0.6510, represented by the weekly S1, the lower Bollinger band and also the major level of 0.65. Meanwhile, technical indicators are mostly giving sell signals, suggesting the pair is to decline further.
Traders' Sentiment
Traders lost confidence in the NZD/USD pair, as 41% of all positions are long today, down from 55% previously. At the same time, the number of commands to buy the Kiwi declined from 63 to 39%.
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