© Dukascopy Bank SA
- BK Asset Management (based on the New Zealand Herald)
Pair's Outlook
After trading above the monthly PP at 0.8570 from the beginning of the month the pair has finally slipped below this significant level. At the moment of writing it is trading near the 55-day SMA and weekly S1 at 0.8546/38. We expect that this decline could trigger a selloff and the pair could possibly move even lower towards the major level at 0.8500. The majority of the daily technical indicators are also bearish; therefore, an extended retreat might be possible.
Traders' Sentiment
An overwhelming majority (74%) of the traders believe that the New Zealand Dollar is going to slip and decrease in value relative to the greenback. Concerning the orders placed 50 pips from the spot, there are now more commands to buy—71% after 33% on Friday.
© Dukascopy Bank SA