© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar behaved according to the forecast, as it appreciated against its US counterpart. Furthermore, Wednesday's gains were negated and more ground for a rally today was built. The immediate resistance, namely the 20-day SMA around 0.6582, could be reached today, but overall gains are unlikely to exceed 0.66. Nevertheless, the weekly PP is providing the strongest resistance, as it prevented the NZD/USD from advancing in the beginning of the week. Meanwhile, technical indicators are now giving mixed signals, unable to confirm the forecast.
Traders' Sentiment
Slightly more traders have a positive outlook towards the Kiwi today, namely 45%, while the share of sell orders remains at 70%.
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