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- RBC Capital Markets (based on Reuters)
Pair's Outlook
Following a sizeable bullish spike yesterday, NZD/USD plunged through a number of supports, such as the weekly PP and the 100-day SMA, revealing its bearish nature. The next stop the currency pair is expected to aim for is at 0.7918/0.7896, the present location of the monthly PP and the 55-day SMA, although this is unlikely to be the limit of the currently developing decline.
Traders' Sentiment
Since the previous report the percentage of the short positions has fallen down to 59% from 63% seen yesterday. Accordingly, a negative attitude that we observed previously is now weakening. Meanwhile, among the orders placed on the pair 30% are to purchase the kiwi and 70% are to sell it against the greenback.
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