© Dukascopy Bank SA
- Westpac Banking (based on TVNZ)
Pair's Outlook
The kiwi demonstrates great bullish sentiments, as the price appreciates for a third straight day. NZD/USD reached an important resistance at 0.8332, which might pose a threat when considering further gains. The resistance is constructed of the upper Bollinger band, 55-day and 100-day SMAs and the monthly PP level. Also, this is the first contact with the upper Bollinger band after a bearish trend and, historically, this action is always followed by drop to the 20-day SMA to check a strength of a new trend.
Traders' Sentiment
SWFX market participants enlarged the buy side fractionally, as it increased by only 1% and reached a 30% benchmark after a long time. Pending orders segment provides a 44/56 ratio of bulls versus bears accordingly.
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