© Dukascopy Bank SA
- Aozora Bank (based on Business Recorder)
Pair's Outlook
The New Zealand Dollar refused to drop below 0.6260 for the fourth consecutive day yesterday, as the NZD/USD rebounded and touched the immediate resistance at 0.6340. However, the resistance still caused the pair to close trade closer to the 0.63 major level, scaring off the bulls even today and triggering a slight selloff. The Kiwi is likely to end the week relatively unchanged, as today's expected drop should push the NZ currency to the Monday's opening price, prolonging the rather sharp bearish trend for the whole third week.
Traders' Sentiment
Bulls are now in the majority, as 52% of traders are long the Kiwi (previously 40%). Meanwhile, the share of sell commands slid nine percentage points. The orders now account for 66% of the market.
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