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- Thomas Averill, managing director at Rochfor Capital in Sydney (based on Bloomberg)
Pair's Outlook
Aggregate indicators point to a continuation of the three-day downward movement of the pair closer towards the lower Bollinger band at 0.7888. If the level is broken a slide to 0.7821 (100-day SMA) is likely. The longer-term (1M) outlook is neutral and most likely will be influenced by fundamentals.
Traders' Sentiment
SWFX sentiment index points to a definite pair's depreciation, eyeing the 1M forecast of 0.7800, as almost 64% of traders plan to open short positions on NZD/USD in near term. Only 36% of market participants believe in pair's recovery and a move upwards to 0.7982/98.
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