© Dukascopy Bank SA
- OMF (based on The New Zealand Herald)
Pair's Outlook
The Kiwi also fell victim to lower commodity prices, therefore, slumping towards the second support target, namely the 20-day SMA at 0.6774. However, the bullish momentum has been regained with the rebound of those prices, which are driving the NZD/USD currency pair higher today. The 20-day SMA is now the nearest resistance, but it is unlikely to prevent the NZ Dollar from appreciating. The monthly PP at 0.6814, on the other hand, has a higher chance of succeeding, with the weekly PP at 0.6845 taking over in case its ‘big boss' fails. Meanwhile, technical indicators retain mixed signals, unable to confirm the possibility of this scenario.
Traders' Sentiment
Today 61% of traders hold short positions (previously 56%), whereas the percentage of sell orders inched up from 37 to 61%.
© Dukascopy Bank SA