© Dukascopy Bank SA
- BNP Paribas (based on CNBC)
Pair's Outlook
NZD/USD has already pared most of its Friday's losses and is currently testing toughness of the monthly R1. However, 0.8324/09, being reinforced by the recently breached rising trend-line, should remain intact and prove to be a turning point for the latest rally, sending the price back towards 0.82. A breach of this support would entail a test of the 200-day SMA at 0.8124/05.
Traders' Sentiment
A recent surge in NZD/USD did not manage to scare off the bears (73%)—right now they are enjoying complete dominance over the bulls (27%). However, taking into account that the share of buy orders notably jumped, it may be the case that the price is closing in on the stop loss orders.
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