© Dukascopy Bank SA
- Commonwealth Foreign Exchange (based on Bloomberg)
Pair's Outlook
Today the Kiwi is trying to negate at least some portion of the losses made during the last two days, but the bears should prevent any attempts of the price to get close to 0.7970. There the resistance is formed by the monthly PP, four-month down-trend and 23.6% Fibo. The base case scenario is still a slide down to 0.77, which should be overcome eventually, though it may take a few weeks to accomplish.
Traders' Sentiment
The standoff between the bulls and bears drags on, as neither has an advantage over the other. On the other hand, there is a widening gap between the buy (35%) and sell (65%) orders placed 100 pips from the current market price.
© Dukascopy Bank SA