© Dukascopy Bank SA
- BNZ Markets (based on WBP Online)
Pair's Outlook
The New Zealand Dollar experienced another rally on Friday, ultimately stabilising at 0.6744. The NZD/USD is set to weaken today, with the Bollinger band and the weekly PP forming a support cluster around the 0.67 psychological level. The second target is located only at the major level of 0.66; the US currency is unlikely to pressure the Kiwi down that low. Meanwhile, technical indicators are showing mixed signs, unable to the pair's behaviour today, but bears seem to have the upper hand.
Traders' Sentiment
Traders retain a negative outlook towards the NZ Dollar, as 62% of all positions are short. The major portion of all orders are to sell the Kiwi, namely 73%, compared to 76% last Friday.
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