© Dukascopy Bank SA
- Citi (based on Business Recorder)
Pair's Outlook
Even though the Kiwi's volatility to the downside reached as low as 0.6330, the NZD/USD pair still managed to pierce the immediate resistance cluster and settle at 0.6393. Nevertheless, the New Zealand Dollar is expected to experience more weakness today, retreating to the 0.63 psychological level, which is also bolstered by the Bollinger band. Furthermore, technical indicators shifted from mixed to bearish signs, bolstering the possibility of a negative outcome today.
Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bullish at 59% (previously 62%). The number of purchase orders, on the other hand, lost six percentage points and dropped to 31%.
© Dukascopy Bank SA