© Dukascopy Bank SA
- Westpac Bank (based on New Zealand Herald)
Pair's Outlook
NZD/USD retreated around 100 pips yesterday until the decline was halted by the major level at 0.8100. However, even though for now the down-trend seems stopped both daily and weekly technical indicators are still bearish proclaiming that it will continue. Nonetheless, the notion of the 2014 low being near at 0.8052 could push the pair higher. Therefore, we expect the pair to fluctuate above the 0.91 level.
Traders' Sentiment
After a brief dip (down to 57%) the percentage of long positions returned to its more familiar level—58%, meaning the sentiment is likely to stay bullish for some time. Meanwhile, the share of sell orders grew from 51% up to 56%.
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