© Dukascopy Bank SA
- Westpac Banking Corp (based on The New Zealand Herald)
Pair's Outlook
NZD/USD has set a new 32 month high at 0.8779, after that the pair slid slightly back and at the moment it is trading around the weekly R2 at 0.8769. In our opinion the pair has set the top for now; however, it is possible that it approaches the major level at 0.88. In case the 0.88 level is broken then appreciation towards the monthly R2 is possible. Even though a decline is expected we do not think that the pair could fall beneath 0.85 level.
Traders' Sentiment
Majority of the traders consider the advance in NZD/USD to be overstretched. Accordingly, the share of short positions increased from 73% up to 74%.The distribution between the buy and sell orders is very unstable—12% and 88% respectively.
© Dukascopy Bank SA