© Dukascopy Bank SA
- Reserve Bank of New Zealand (based on Bloomberg)
Pair's Outlook
Yesterday the kiwi dropped heavily, slipping beneath the 200-day SMA at 0.8238 and closed the trading session just above the lower Bollinger band at 0.8163. This level was strong enough to support bearish sentiments and reverse a direction of the price. Today NZD/USD advances, but most probably that is only a short-term correction. A further depreciation may find supports at 0.8133, the monthly S1, and at 0.8084, the weekly S2.
Traders' Sentiment
SWFX market participants take more risk by betting on the current drop. The buy side increased by 3% and reached 29%. Pending orders market indicates a weak situation for bulls, as they possess only 36% of all waiting orders.
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