© Dukascopy Bank SA
"The kiwi is standing in front of a freight train at the moment. […] The kiwi did quite a lot of work between 83 and 84 US cents and there's quite strong resistance there."
-ASB Institutional (based on TVNZ)
Pair's Outlook
NZD/USD gained momentum after breaching August high at 0.8223, but at the moment it is suspended by Bollinger band at 0.8335. Stochastic indicator suggest that we should see a bearish correction, together with current market sentiment it proves that there is significant downside risk for the pair at the moment.
Traders' Sentiment
Share of short positions increased slightly and bearishness on the pair persists while 70% of positions are short on the pair. In addition, 67% of all posted orders on the pair are sell orders suggesting we might see further strengthening in bearish sentiment on the pair.
© Dukascopy Bank SA