© Dukascopy Bank SA
- Rabobank (based on Market Watch)
Pair's Outlook
On Monday the NZ Dollar managed to erase last Friday's losses and even reach a fresh six-week high. Nevertheless, the immediate resistance cluster was pierced, but gave in earlier today, allowing the NZD/USD to climb above 0.68. The weekly R1 and the Bollinger band around 0.6810 pushed the Kiwi slightly back, but not under the immediate resistance in face of the monthly R1. Meanwhile, the nearest support is located is located at 0.6687, represented by the weekly PP, but losses are unlikely to reach this level.
Traders' Sentiment
The gap between long and short positions widened, with 56% of traders having a negative outlook towards the Kiwi today. There are significantly more orders to sell the NZ Dollar, namely 73%.
© Dukascopy Bank SA