© Dukascopy Bank SA
- Australia and New Zealand Banking Group (based on New Zealand Herald)
Pair's Outlook
The bottom trend-line of the four-month wedge at 0.7262, toughened by the weekly S1 and the monthly Pivot Point just below, proved its dominance against NZD/USD movements, causing the rate to reverse and target 0.7305 instead. If broken, the level will open the way to the 0.7365 resistance level, where the weekly Pivot Point has been successful in cutting gains before. To add more ground to our expectation of a rising scenario, the pair has entered a brand-new channel up pattern, meaning that the upper trend-line around 0.7500 could be the major target in August.
Traders' Sentiment
Traders returned to the largely bearish view on the pair, as 63% of open positions are short. In the meantime, pending orders are 60% to sell the pair.
© Dukascopy Bank SA