© Dukascopy Bank SA
- BNZ (based on the New Zealand Herald)
Pair's Outlook
The NZD/USD cross is not actively trying to climb higher and to reverse its losses; however, currently it also looks quite well supported around the weekly PP at 0.7756. To our mind NZD/USD situation is very similar to AUD/USD and; therefore, we expect the pair to extend the current consolidation. The daily and weekly technical indicators are still confident that the pair is poised for a further depreciation.
Traders' Sentiment
The market sentiment towards NZD/USD remains unchanged as bears continue to hold a slight majority of all of the open positions on the pair, namely 55%. The distribution between the buy and sell orders is also quite stable—58% and 42% respectively.
© Dukascopy Bank SA