© Dukascopy Bank SA
- Bank of New Zealand (based on the New Zealand Herald)
Pair's Outlook
NZD/USD started the last week with approaching the six-month low at 0.8314; however, it seems that it gave some bullish impetus to the pair, as it reached June low at 0.8403 later. Nonetheless, the technical indicators in the daily and weekly time frame are pointing to the south. We expect that it could be a major obstacle for the pair to breach the 0.84 level, as there is a cluster of resistance levels (monthly PP, weekly R1; June low).
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 61% of all of the open positions on the pair. The gap between the buy (60%) and sell (40%) orders placed 100 pips from the spot is widening for now.
© Dukascopy Bank SA