NZD/USD supported by monthly PP

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Combined with quantitative easing pressure on the US dollar, the New Zealand dollar should make a run at the US88.45c record [2011] high."
- Westpac (based on The New Zealand Herald)

Pair's Outlook
After a 80 pip deviation yesterday, pair became somewhat less volatile and is moving in 50 pip range, but it seems to be continuing to form bearish candles as either 55-day or 100-day SMA is giving the pair a bearish impetus. The Stochastic indicator suggest we might be on the verge of a bullish correction, but pair seems to be lacking a driver behind it. As a conclusion of such situation we should see at least a few more choppy sessions around 0.82 cent area.

Traders' Sentiment
For the second day in a row bears have lost significant chunk of the market—at the moment the hold 65% of all positions (-5% since yesterday). However, 68% of pending orders are to go short suggesting that bears should not loose much more of a market share in the future.

© Dukascopy Bank SA

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