© Dukascopy Bank SA
- Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar experienced rather strong volatility on Tuesday, but was unable to climb over the immediate resistance, which resulted in the NZD/USD pair stabilising with a small decline. In case bears take over the market today—the Kiwi is expected to fall as low as 0.6880, the level that kept the given pair afloat for three weeks now and which is also bolstered by the weekly S1. Technical indicators also suggest the NZD is to weaken today, but renewed risk-on sentiment suggests otherwise. The highest possible level today is expected to be the 0.6985 one, where the weekly R1 coincides with the 20-day SMA.
Traders' Sentiment
There are 67% of traders with a negative outlook towards the Kiwi today, unchanged since Tuesday. Meanwhile, 63% of all pending orders are to sell the New Zealand currency, up from 36% yesterday.
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