© Dukascopy Bank SA
- Rabobank International (based on the Bloomberg)
Pair's Outlook
NZD/USD is still trading above the 0.77 level and it is likely to stay there in a foreseeable future. At the same time the pair is well-supported by the monthly and weekly S1 at 0.7687/74. Now, even though the bias remains negative, the Kiwi is unlikely to slide below the monthly S1 due to the low volatility. Moreover, the daily and weekly technical indicators remain bearish, thus with the volatility back at the normal levels the downside pressure will be growing.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to NZD/USD, since the amount of long and short positions opened are equal. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to sell—77%.
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