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"There's very good demand for U.S. dollars on any Canadian rally at the moment."
- OANDA (Based on Reuters)
Pair's Outlook
NZD/USD moved south today, as it was suggested yesterday, on increasing worries over the Euro zone prospects. For now, the bearish momentum remains strong, thus NZD/USD is prone to test 0.7458 (Weekly S1) before diving further. Support levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low) are going to be the next targets for bears.
Traders' Sentiment
Most of bullish traders have squared off their positions, making the sentiment bearish for now, with 72% of traders holding short positions. Within the 100-pip distance, the pair remains bearish, with 69% of investors expecting the pair to depreciate further.
© Dukascopy Bank SA