© Dukascopy Bank SA
"The main resistance levels are close at $0.8420-40 and should that give way, NZD is fairly open to the mid-$0.85s."
- ANZ (based on The Economic Times)
Pair's Outlook
Pair failed to advance above September high/monthly R2/weekly R3 at 0.8436/55 and at the moment is trading almost 100 pips below it after finding support around 0.835. We expect it to trail lower and hit 0.8281 in he medium to short term. Dip below 0.8250 could provoke a major sell off till 0.81 were median price expectation of major market participants for this quarter is located.
Traders' Sentiment
Bullish side of open positions increased by 2% but remains highly underrepresented at 29% gauge, It is worth pointing out, bullish side of pending orders in 50 pip range increased by 48% and is at 75% gauge today. In other ranges it increase by approximately 15% pips but remain below the 50% overall level.
© Dukascopy Bank SA