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- Bank of Tokyo-Mitsubishi UFJ (based on Reuters)
Pair's Outlook
The New Zealand Dollar declined for the second day in a row, even breaching the immediate support at 0.6296. Although the Kiwi weakened against its US counterpart earlier today, the rising oil prices are helping the NZD/USD to recover. The weekly S1 is now acting as an immediate resistance, but gains are expected to exceed that level. The next target from here rests at 0.6328, represented by the 20-day SMA, but uncertainty about it being reached persists, along with the risks of still ending the day lower.
Traders' Sentiment
The majority of traders are long the Kiwi again, namely 55% of them. The number of orders to sell the NZ Dollar, on the other hand, increased from 56 to 72%.
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