© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
Even though the New Zealand Dollar successfully ended the previous week higher, most of those gains risk being completely erased today. The Kiwi has fallen under increased pressure in comparison to other commodity currencies, with focus now shifting towards the second support area around 0.7060, rather than the closest one circa 0.7120. On the other hand, this decline is likely to be just a mere setback, as the NZD/USD pair began recovering ever since it reached the channel's lower border two weeks ago.
Traders' Sentiment
There are 62% of traders being short the NZ Dollar today, compared to 67% last Friday. Meanwhile, the portion of orders to acquire the New Zealand currency added ten percentage points. The orders now take up 54% of the market.
© Dukascopy Bank SA