© Dukascopy Bank SA
- Statistics New Zealand (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar has traded around the monthly S2 at 0.8176 for the last five trading days and for now it seems that NZD/USD is likely to continue hovering around this level. However, if the pair gains momentum then the 0.82 level might be tested. Moreover, the currency pair has not been trading this low since the early February, meaning that some of the traders may consider the pair as undervalued at the moment.
Traders' Sentiment
Even though the pair has declined rather significantly from its peak the traders' sentiment has not changed much—57% of the traders are bearish on the pair. At the same time the gap between the buy (49%) and sell (51%) orders is narrowing.
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