© Dukascopy Bank SA
– Western Union (based on 4-traders)
Pair's Outlook
The New Zealand currency weakened against the American Dollar for the seventh consecutive day on Thursday, with a tough demand cluster around 0.7020 limiting the losses. Consequently, this support area is expected to trigger a rebound in the NZD/USD pair's performance, while also being the Kiwi's last chance to reverse the two-week bearish trend, as the two up-trends have already been breached. A failure to regain the bullish momentum at this point could cause the NZ Dollar to continued moving down until the 0.6740 mark is reached, namely the 23.60% Fibo, also being relatively close to the May 2016 low of 0.6677.
Traders' Sentiment
Bulls and bears broke out of the perfect equilibrium, now taking up 46% and 54% of the market, respectively. Meanwhile, all pending orders are equally divided between the buy and the sell ones.
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