© Dukascopy Bank SA
- Busan Bank (based on Bloomberg)
Pair's Outlook
NZD/USD is currently testing the down-trend at 0.7760/50, which is supposed to guide the pair beneath 0.77 and towards the 2014 low at 0.76. However, if the kiwi closes above this downward-sloping line, the currency will still stay within the bearish channel (since Sep 24), but there will be a possibility of a surge up to 0.7851/16 with a high chance of a subsequent extension to another (less sloped) down-trend line at 0.79.
Traders' Sentiment
There are currently the same amounts of bulls and bears in the market, and the sentiment is therefore neutral. But it is noteworthy that there is an imbalance between the buy (21%) and sell (79%) orders placed 100 pips from the spot price.
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