© Dukascopy Bank SA
"The data is distorted because of the time lag... I almost guarantee you that Q2 GDP will be far lower."
- CNBC
Pair's Outlook
NZD/USD continued trading in a flat trend over mixed US macroeconomic data. If the bearish momentum to emerge, support levels at 0.7619 (R1 Weekly; upper support level) and 0.7590 (23.60% Fibo) are going to be the initial targets. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
Traders' Sentiment
The number of long positions has declined compared to yesterday (67% vs. 33%) as less investors are anticipating the New Zealand Dollar to appreciate versus the greenback. Within 100 points from the present market price, however, investors (63%) expect the pair to hold bullish momentum over the middle term.
© Dukascopy Bank SA