© Dukascopy Bank SA
- Bank of New Zealand (based on the New Zealand Herald)
Pair's Outlook
The weekly PP at 0.7754 has given the pair necessary bullish bias to rebound above the 0.78 mark today. Although, the pair was not able to surpass the strong resistance level (monthly PP and 55-day SMA) at 0.7832/38. Now, in case NZD/USD breaches the level in the near-term then a test of 0.80 level is realistic. Otherwise, it is likely to retreat towards the monthly S1 at 0.7687 and eventually towards this year's low at 0.7610.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to NZD/USD, since only 51% of traders are short. Moreover, the share of sell commands is in modest majority, as 55% of the orders are set to sell.
© Dukascopy Bank SA