© Dukascopy Bank SA
- Western Union Business Solutions (based on Bloomberg)
Pair's Outlook
A re-test of 0.8306/0.8275 did not occur yesterday, allowing the currency pair to continue climbing higher. The only significant resistance that separates the spot price from 0.8499/49 is situated at 0.8384/73, but is anticipated to be overcome in the near term. Accordingly, NZD/USD is likely to stay within the boundaries of the ascending triangle until the end of February.
Traders' Sentiment
The New Zealand Dollar is still one of the least popular currencies, along with SGD and CHF, on average being acquired in 27% of trades in its crosses. In NZD/USD in particular only one out of four positions is long, while there is no difference at all between the amounts of buy (50%) and sell orders (50%).
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