© Dukascopy Bank SA
- BNP Paribas (based on Business Recorder)
Pair's Outlook
The New Zealand currency inched higher last Friday, with the immediate resistance in face of the weekly PP preventing the exchange rate from rising further. It happens to be that the weekly pivot point is also the nearest resistance today, now located at 0.6774; however, in case bulls succeed in pushing the Kiwi higher, the next resistance area is located close by, just above the 0.68 mark, formed by the monthly S1, the weekly R1, the 20 and the 55-day SMAs. On the other hand, technical studies are bearish in the daily timeframe, and the overall trend is also bearish, thus, the NZ Dollar risks falling towards the 100-day SMA around 0.6724.
Traders' Sentiment
Market sentiment slightly weakened since Friday, as 53% of traders are now long the Kiwi. The share of sell orders inched up from 70 to 79%.
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