© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar's performance yesterday was identical to the Aussie's, as only a small loss took place. Nonetheless, technical studies retain their bearish signals, indicating that the target area, namely the 100-day SMA, could be reached today. The given SMA is also reinforced by the weekly S1, making the support area around 0.6715 even harder to pierce. The risk-off sentiment is also playing its role, weakening the Antipodean currencies, such as the Kiwi, therefore, driving the given pair lower. A breach of the immediate support cluster is also likely to eventually lead the NZD/USD towards the four-month up-trend, where price is expected to rebound.
Traders' Sentiment
Bulls keep losing numbers, as only 51% of all open positions are now long, compared to 53% on Monday.
© Dukascopy Bank SA