© Dukascopy Bank SA
- Bank of New Zealand (based on Bloomberg)
Pair's Outlook
Today has been one of the few days lately when the pair appreciated instead of weakening, the Kiwi rebounded above the Bollinger Bands at 0.8327. However, the daily technicals suggest that the currency pair is overbought at the moment. As the Kiwi is falling closer to the 0.93 level it is showing more of resistance, indicating that that could be the bottom for the time being. Nonetheless, if the pair slides below the level then a drop towards the weekly and monthly S2 could follow.
Traders' Sentiment
The sentiment towards GBP/USD has become more bearish (62%), as more and more traders are expecting the Kiwi to rebound. Meanwhile, the share of buy orders grew from 54% up to 65%.
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