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"The risk is that data is likely to be softer, weakening the US dollar, benefitting the kiwi."
- Bank of New Zealand (base on Yahoo Finance)
Pair's Outlook
NZD inched lower against the American dollar, holding a mild bearish bias. If it intensifies, 0.7810 is likely to be the next target for bears, which successful breach would expose 0.7742 (PP/S2 Monthly) and 0.7678 (23.80% Fibo). However, 0.7810 is prone to become a strong support, from which bullish investors are probably going to initiate bullish correction.
Traders' Sentiment
Within SWFX marketplace sentiment of market participants towards NZD/USD remains bullish. Currently, 55% of positions are bullish whereas 45% of traders expect the pair to decline over the short-term. At the same time, 54% of investors expect the currency couple to continue a decline.
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