© Dukascopy Bank SA
- Forex.com (based on Bloomberg)
Pair's Outlook
The Kiwi dropped to the lowest level this year at 0.7688, after reaching the weekly PP at 0.7841. Moreover, there is still high possibility of the pair sliding even lower towards new lows. At the same time, there is a cluster of support levels (weekly and monthly S1, major level) near the 0.77 level that could possibly halt the bearish wave. Although, we are rather sceptical of that to happen, we see the pair dipping towards the weekly S2 at 0.7629 this week.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 49% of all of the open positions on the pair. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to sell—76%.
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