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- Stuart Ive, currency strategist at HiFX
Pair's Outlook
NZD/USD is experiencing a bearish price correction on the triple top pattern today after a four consecutive day slide. The pair is currently testing the pattern's support line. In case of a further bearish movement, the pair is expected to test 0.7795 (Lower Bollinger band) in near term. If it fails to fall lower, the first bearish target could potentially be near 0.7918 (100-day SMA).
Traders' Sentiment
The strong majority of bearish traders has shrank on the SWFX sentiment index, as today only 62% of traders have a negative outlook on the pair. Bulls are activating on the market with a 38% proportion among all traders.
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