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- BK Asset Management (based on MarketWatch)
Pair's Outlook
NZD/USD is slowly trimming last week's gains after an unsuccessful attempt to breach the 100-day SMA at 0.8046. Therefore the significance of the nearby supports, namely 0.7965/38 and 0.7918/0.7889, has just increased, and the pressure on them is likely to grow. The sell-off is expected to last until the major trend-line at 0.7731 is reached. Longer-term bearish perspectives are less certain, but will be reinforced as soon as 0.7731 caves in.
Traders' Sentiment
The advantage of bearish traders over the bulls keeps on widening. The share of long positions fell to 43%, while the portion of short positions increased up to 57%. At the same time, the amount of buy orders (29% now, 20% yesterday) started growing relative to the sell ones (71% now, 80% yesterday).
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