© Dukascopy Bank SA
- ANZ Bank New Zealand Ltd. (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar dipped below the monthly S1 at 0.8367 today, after the pair declined for a second consecutive week. The NZD/USD cross has been on a down-trend since July 10th, when it reached the 2014 high. It seems that the Kiwi has lost its previous allure as the pair's bulls are not capable of stopping the decline. Nonetheless, a positive sign for bullish traders is that the monthly technical indicators are pointing upwards, suggesting that a change in the trend is expected in longer term.
Traders' Sentiment
After a brief dip (down to 60%) the percentage of long positions returned to its more familiar level—61%, meaning the sentiment is likely to stay bullish for some time.
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