© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
The kiwi depreciates for a second day after touching the weekly R1 level at 0.8587. Today the pair slipped through the 20-day SMA at 0.8491 and the weekly pivot point at 0.8472. NZD/USD is in a very vague situation, its direction depends on how strong the bulls are, since area beneath the pivot point is totally empty with a support only at 0.8385, where the weekly S1 merges with 55 and 100-day SMAs.
Traders' Sentiment
Traders do not see any perspectives in kiwi's appreciation scenario, as the vast majority (73%) of positions are short on NZD/USD. Pending orders market is also bearish with 65% of orders waiting to sell the New Zealand Dollar.
© Dukascopy Bank SA