© Dukascopy Bank SA
- Societe Generale (based on CNBC)
Pair's Outlook
Like most major pairs at the end of the previous week, the NZD/USD closed trade relatively unchanged. The Kiwi struggled to maintain trade above the 0.65 level through all of the week and is likely to have issues retaking it today as well. Furthermore, technical studies also weigh on the pair with their bearish signals, in spite of the weekly PP providing immediate support just below the opening price. The second target rests at 0.6414, namely the weekly S1, while the 20-day SMA is reinforcing the resistance circa 0.65.
Traders' Sentiment
A portion of bulls retreated, as 61% of all open positions are now long (previously 62%). Meanwhile, there are less orders to purchase the New Zealand Dollar, namely 49%, compared to 56% on Friday.
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