© Dukascopy Bank SA
"The price action we're seeing is giving us insight to where the market is positioned. It's been heavily positioned against the US dollar and now we're seeing a bit of reversal. The kiwi and Aussie are under-performing relative to our other peers out there."
- HiFX (based on Business Desk)
Pair's Outlook
NZD/USD depreciates further and it does not seem it could step down anytime soon. Technical indicators suggest that we might see a minor bullish correction in the beginning of a new week, but pair should maintains its overall course. A bit concerning seems the fact that after the 0.8060 there are only support levels with some psychological value, but no technicals involved.
Traders' Sentiment
Gap between the bulls and the bears in terms of the market sentiment is narrowing further. Bears account for 55% of market participants. In comparison, the same measure was 59% yesterday. Distribution of pending orders suggest that bears intend to dominate in the market. 57% of pending orders belong to them.
© Dukascopy Bank SA