© Dukascopy Bank SA
– Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
Although the Kiwi outperformed its US counterpart on Tuesday, gains were insufficient for the exchange to return above the trend-line. Consequently, the up-trend was failed to be preserved and more bearish momentum is expected to follow. The closest support is represented by the weekly PP, located at 0.7283, but a much strong cluster rests around 0.7220, namely the weekly S1, the Bollinger band, the 55-day SMA and the monthly PP. It is worth mentioning that the monthly pivot point was able to keep the pair elevated through all of September. Meanwhile, technical studies are also in favour of a decline.
Traders' Sentiment
Now 58% of traders have a negative outlook towards the Kiwi and 58% of all orders are to sell the New Zealand Dollar.
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