© Dukascopy Bank SA
- BBH (based on WBP Online)
Pair's Outlook
The New Zealand Dollar also benefitted from the ECB's dovish statement yesterday, penetrating the two immediate resistances, but failing to retake the 0.68 mark. The Kiwi experienced rather strong volatility to the upside in the Asian session, by returned to its open price, where it remains in limbo. The weekly PP is now the closest support, whereas any resistance lies out of reach, but the NZD/USD still remains at multi-week highs. Trade is likely to close above Monday's opening level, but the weekly high unsustainable.
Traders' Sentiment
The gap between long and short positions narrowed, as 39% of traders are now long the Kiwi (previously 31%). The portion of buy orders also increased, now taking up 44% of the market.
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