© Dukascopy Bank SA
- ING (based on CNBC)
Pair's Outlook
The weekly pivot point at 0.7786 fell victim to the short-squeeze yesterday, meaning that NZD/USD is able to advance farther, in the direction of more serious resistances, such as the 55-day SMA at 0.7896 or the 100-day SMA at 0.7940. Nonetheless, a surge to these highs is unlikely to be continuous—on a daily time-frame the kiwi looks rather soft.
Traders' Sentiment
The sentiment towards NZD/USD suddenly turned from explicitly bullish to neutral—the percentage of open long positions plunged from 62% to 53.5%, even though the exchange rate could not have been characterised as volatile during the past 24 hours. Concerning the orders, 41% of them are the buy and 59% are the sell ones.
© Dukascopy Bank SA