NZD/USD – boost in bearish sentiment, weekly outlook: Sell

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We will see fewer Kiwis going overseas if mining continues to slow ."
- Shamubeel Eaqub, principal economist at NZ institute of Economic Research (based on NZ Herald)

Pair's Outlook
After a sharp rise last week, NZD/USD has been capped by the Upper Bollinger band around 0.8133, and the pair now is moving sideways. The daily outlook is neutral, but the weekly indicators give a slight Sell signal. In case of the bearish scenario, we are likely to see the pair moving towards 200-day SMA at 0.7990.

Traders' Sentiment
Bearing in mind the neutral outlook from the technical indicators, and NZD/USD recent stabilization, majority of traders (55%) favor pair's bearish movements. However, 45% of market participants forecast continuation of the bullish trend and pair's augmentation even higher above the weekly forecast.

© Dukascopy Bank SA
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