© Dukacopy Bank SA
- Bank of New Zealand (based on the New Zealand Herald)
Pair's Outlook
NZD/USD has lost its bullishness, after nearing the 0.79 level on Wednesday, as it dropped below the weekly PP at 0.7754 today. The daily and weekly technical studies are still to the downside, thus most likely the Kiwi will fall towards the monthly S1 at 0.7687. Previously we anticipated the pair to rebound towards at least the recent high at 0.7976 and it still remains a possibility in case the currency pair holds above the monthly S1.
Traders' Sentiment
While the sentiment of the SWFX market participants remains neutral with respect to NZD/USD, since only 51% of traders are long, the share of sell commands is expanding, and it has already reached a respectable level—57%.
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