© Dukascopy Bank SA
- Sumitomo Mitsui Trust Bank (based on Market Watch)
Pair's Outlook
The NZ Dollar appreciated only 23 pips against its US counterpart on Wednesday, also closing trade at the highest in three weeks. Today the tough cluster around 0.6550 is providing immediate support for the NZD/USD, leaving the closest resistance, namely the down-trend and the weekly R1, out of reach around 0.6632. Commodity prices might also weigh on the Kiwi, being that no fundamental events are to drive the given pair today. As a result, there is a possibility the NZD could retreat towards the 55-day SMA at 0.6554.
Traders' Sentiment
Bulls grew stronger today, as 63% of traders are now holding long positions. Meanwhile, the share of sell orders keeps growing, now accounting for 71% of the market, up by 4% points.
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