© Dukascopy Bank SA
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar dropped down to the immediate cluster's lowest level, namely the up-trend, but with the pair stabilising right on top of the monthly S1 at 0.6635. Today, however, the up-trend is only bolstered by the monthly S1 and the Bollinger band, meaning it might not withstand the selling pressure. As a result, a breach of the up-trend is imminent, with the next level to limit the losses located at 0.6581, represented by the 100-day SMA. Nonetheless, the major level of 0.66 could also provide support and prevent the second target from getting reached.
Traders' Sentiment
Exactly three quarters (75%) of all open positions are now long, while the percentage of buy orders inched up from 50 to 57%.
© Dukascopy Bank SA