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"Ahead of next week's summit, expectations for the outcome of the meeting were low, but we still suspect that concrete measures are unlikely to emerge at next week's summit either. The result is that the euro and other foreign currencies are likely to reverse their recent gains against the dollar in the very near term."
- Brown Brothers Harriman (base on WSJ)
Pair's Outlook
NZD fell against the greenback and currently is floating around the 0.7840 level (55-day ma; PP Weekly). Thus, the pair might fall further towards 0.7725 (PP Monthly). If bullish scenario to occur, 0.8012 (upper Bollinger band; R1 Weekly) is going to be the first target for bulls. A breakout here would expose 0.8106 (R2 Weekly) and 0.8162 (Upper resistance line).
Traders' Sentiment
Within SWFX marketplace sentiment of market participants towards NZD/USD has changed since the release of last report as the shares of long and short positions make up a 54/46 ratio. At the same time sell orders (66%) outweigh buy orders (35%) on NZD/USD.
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