© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
The NZD/USD misbehaved, as it declined on Friday, rather than edging up. Nevertheless, the pair remained within the borders of the descending channel, and closes in on the resistance trend-line. The Kiwi is experiencing a dilemma here, as the 20-day SMA, along with the trend-line, should prevent any gains and force the Kiwi to weaken against the Greenback, whereas the weekly pivot point is likely to limit the losses at 0.67. Technical indicators retain their bearish signals, but we assume the NZ Dollar is to remain flat over the day, with a possibly slight nudge to the downside.
Traders' Sentiment
Traders' sentiment improved, as 71% of positions are long, while the share of orders to acquire the Kiwi also edged up, from 19 to 47%.
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