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- RBC Capital Markets (based on CNBC)
Pair's Outlook
Even though the NZD/USD almost managed to reach the 20-day SMA, the pair still jumped slightly back and closed trade at 0.6655. Nevertheless, the Kiwi is likely to continue falling again today, while the technical studies retain their mixed signals. The immediate support should lack the strength to prevent the NZ Dollar from falling, thus, a decline towards the monthly S1 or even the weekly PP is more probable. Moreover, the overall bias remains weak, which could result in eventual plunge back under 0.66.
Traders' Sentiment
There are even less traders with a positive outlook towards the NZ currency today, as 73% of all positions are short. Meanwhile, the share of buy orders added six percentage points up to 56%.
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