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- Natixis (based on FXStreet)
Pair's Outlook
The New Zealand Dollar remained relatively unchanged against the US Dollar on Thursday, having added only six pips over the day. The Kiwi still faces a strong resistance area around the 0.72 major level, which is expected to prevent the pair from edging higher. Consequently, the bearish scenario is more probably, although the 55-day SMA, the 38.20% Fibo, the weekly and the monthly PPs form a strong support cluster not far under today's opening price. Nevertheless, the NZ Dollar could be seen falling approximately 56 pips lower, but it is believed that no market mover is likely to trigger such a decline today.
Traders' Sentiment
There are 71% of traders holding short positions today (previously 70%). Meanwhile, the number of purchase orders returned to its Monday's level of 54%.
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