© Dukascopy Bank SA
- Eastspring Investments Singapore Ltd. (based on Bloomberg)
Pair's Outlook
NZD/USD has already managed to jump beyond the resistance line at 0.8476 today, but it nevertheless seems that the price is inclined to move downwards in the nearest future rather than start posting new highs. Even if the kiwi does recover later on, the pair is anticipated to make a deeper retracement than it already did, down to 0.8360, while 0.8286 looks as a reasonable target as well.
Traders' Sentiment
Traders remain convinced that the New Zealand Dollar is going to underperform, since 72% of them have entered the market with sell trades, bets on kiwi's depreciation. Meanwhile, the gap between the buy and sell orders has widened to 12%, as a majority of traders plan to sell on rallies.
© Dukascopy Bank SA