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- Wells Fargo Securities LLC (based on Bloomberg)
Pair's Outlook
Not without difficulties, but in the end NZD/USD managed to mount the falling resistance line at 0.7910/0.7885, thereby clearing the path towards next important hurdle already at 0.8039/27, formed by the weekly and monthly R1. In case this zone also falls prey to the current surge, then 0.8161/40 will have to come into play. This area in particular is unlikely to give the pair any chance to continue the journey upwards.
Traders' Sentiment
There are now even less bullish towards NZD/USD market participants than there were last Friday. Right now the sentiment is neutral on the currency pair, since the difference between the portions of long and short positions is minimal—four percentage points in favour of the former.
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