© Dukascopy Bank SA
- Barclays (based on Reuters)
Pair's Outlook
On Wednesday the New Zealand Dollar edged closer to the 0.66 major level, but ultimately stabilised under the 100-day SMA. The given SMA prevented the Kiwi from rising higher since the beginning of the week and is likely to do so again today. The immediate support, represented by the 55-day SMA, kept the pair afloat even longer, therefore, should limit the losses. At the same time, technical indicators are giving bearish signals, bolstering the possibility of a negative outcome today.
Traders' Sentiment
Bullish market sentiment remains unchanged at 54%. The buy and the sell order ratio is now equal to one, compared to 67% of all orders set to sell the NZ Dollar yesterday.
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