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- Commonwealth Foreign Exchange (based on Bloomberg)
Pair's Outlook
The Kiwi is trying to recover as much as possible of the last week's losses, when the pair dropped more than 100 pips on Wednesday. The NZD/USD cross will face the biggest challenge in the upcoming trading sessions when it will approach the downwards slopping trend-line around the 0.79 level. We expect that most likely this resistance line will be too much to handle, as the pair has not breached it since early July.
Traders' Sentiment
The traders' sentiment has changed towards the pair and the standoff between the bulls and bears continues. However, concerning the orders placed 100 pips from the spot, there are now slightly less commands to sell—63%.
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