© Dukascopy Bank SA
- WIB (based on WBP Online)
Pair's Outlook
For the second day in a row the New Zealand Dollar was unable to climb over the weekly PP, thus, the exchange rate edged lower yesterday. However, the 100-day SMA, which is also reinforced by the weekly S1, also remained intact, as it managed to keep the NZD/USD currency pair hovering for more than two weeks now. Consequently, the Kiwi is now likely to rebound, but with gains still limited by the weekly PP at 0.6774. Technical studies, nonetheless, keep giving bearish signals in the daily timeframe, suggesting that the 100-day SMA could be breached.
Traders' Sentiment
There are 54% of traders being long the Kiwi today, compared to 51% on Tuesday. At the same time, the portion of orders to sell the NZ Dollar edged up from 52 to 58%.
© Dukascopy Bank SA