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If the dollar's very strong, then exporting becomes difficult. I'm not pleading for an extremely low dollar but I think 83 was on the high side. Where we are now is more rational."
- Theo Spierings, Fonterra Cooperative Group Ltd. (based on Bloomberg)
Pair's Outlook
The pair started a recovery today and it is prone to face a firm resistance at 0.7690, though if the level is successfully passed by, 0.7760 (R1 Weekly) and 0.7790 (61.80% Fibo) are going to be the next targets for the bullish traders. If the pair bounces off from 0.7690, it could rush to the 0.7574 initial daily support.
Traders' Sentiment
The share of long positions on NZD/USD has increased. At the moment, bulls constitute 67% of the market, whereas bears form merely 33% of it. Within the 100-pip range, 53% of market participants hold a bullish view on the pair, whereas 47% expect the pair to continue its bearish trend.
© Dukascopy Bank