© Dukascopy Bank SA
"It's more broad-based US dollar weakness rather than kiwi strength."
- ANZ New Zealand (based on The New Zealand Herald)
Pair's Outlook
Today NZD/USD appreciated further after yesterday's gains; however, it lost its bullish momentum as it met strong resistance at around 0.8512/18 (weekly R2; monthly R1). We expect that the pair is set for further decline and it will break the weekly R1 at 0.8436 easily. We might see a continuous bearish movement towards weekly PP and the pair most likely will consolidate at that level.
Traders' Sentiment
The difference between the long (29%) and the short (71%) was little changed. As for the orders placed 100 pips from the spot, there are now considerably more commands to buy – 43% after yesterday's 21%.
© Dukascopy Bank SA