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- NZForex (based on the BusinessDesk)
Pair's Outlook
The Kiwi similarly to the Aussie has not changed much since today's opening, after sliding slightly lower last week. Moreover, a majority of the daily and weekly technical indicators see the currency pair to still be overvalued. Below the 0.77 level there is a strong support level (monthly and weekly S1) that is likely to hold the pair afloat, if it fails to surpass the weekly PP that is located just above the current trading level at 0.7762.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to NZD/USD, since the amount of long and short positions opened are equal. The gap between the buy and sell commands is narrowing—60% and 40%, respectively.
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