© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
Although NZD/USD has been persistently trying to mount the resistance at 0.8324/09, in the end the currency gave up and, as a result, was pushed back to the monthly pivot point. Previously, this level saved the kiwi from falling lower on several occasions, but it may well be the case in the medium term that the price is going to probe support located near the 200-day SMA—0.8124/05.
Traders' Sentiment
The sentiment remains strongly bearish with respect to NZD/USD—73% of the SWFX market participants expect to see lower trading levels in the future. Concerning the pending orders, as many as 75% of them are to sell the New Zealand Dollar, while yesterday there was a notable prevalence of buy orders, amounting to 26%.
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