© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ (based on The New Zealand Herald)
Pair's Outlook
As was anticipated, the New Zealand Dollar outperformed the Greenback and tested the second resistance area around 0.6875. However, that resistance cluster grew even stronger today, making it more difficult for the Kiwi to continue appreciating against its American counterpart. Nevertheless, the cluster is now formed by three levels, namely the weekly R1, the Bollinger band and the Oct high, whereas the 200-day SMA is providing support around 0.6843. Volatility might stretch out towards the Oct high, as there are no clear signs of trade ending with sell-off today.
Traders' Sentiment
Bears keep gaining numbers, as 63% of traders are short the Kiwi today. The percentage of sell orders remains unchanged at 58%.
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