© Dukascopy Bank SA
- OANDA (based on Business Recorder)
Pair's Outlook
The New Zealand Dollar edged up against the US counterpart yesterday, but failed to post significant gains. The Kiwi's performance is likely to be almost identical to the Aussie's, with the pair erasing Monday's and Tuesday's gains. The main target is the 0.6760 level, which kept the NZD/USD pair elevated since May 8; however, a slump towards the second support cluster, formed by the 100-day SMA, the Bollinger band and the weekly S1, is possible. Overall, the Kiwi appears to be in a consolidation period, and a leg down today is to confirm that outlook. Meanwhile, technical studies are giving bearish signals in the daily timeframe.
Traders' Sentiment
Today 51% of all open positions are short, whereas the share of sell orders lost 1% point, having fallen down to a total of 51%.
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