© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
In spite of rather weak US GDP figures yesterday, the NZD/USD showed no signs of edging higher. The pair appears to be glued to the 0.67 psychological level, as the weekly S1 returned the pair to that area after volatility crossed the given support to the downside. Nevertheless, the Kiwi is currently climbing higher without even making attempts to test the immediate support. The weekly PP is the second target to limit the gains, whereas fall towards the 100-day SMA out of the question for now, as the NZ Dollar is expected to enter a bearish trend only in the long term.
Traders' Sentiment
Today 56% of all positions are short and the remaining 44% are long. The portion of sell orders is unchanged, takes up 55% of the market.
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