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"People are waiting for the inevitable - which is that policymakers will probably fail to do what is necessary. There's still the tantalizing possibility there may be some give and take at the summit, so there's a degree of giving EUR the benefit of the doubt. But the long-term downtrend is distinctly negative."
- Neil Mellor, Bank of New York Mellon (based on Reuters)
Pair's Outlook
NZD stabilized against the US dollar and for now the currency pair is trading in a tight price range. If bullish impetus occurs, 0.7970/85 (100-day SMA; R1 Weekly) might become an initial resistance for bulls. A breakout of this level would clear the path for 0.8082 (Upper Bollinger band) and 0.8148 (R3 Weekly).
Traders' Sentiment
SWFX marketplace traders' sentiment is unchanged on NZD/USD since yesterday, as 70% of market participants are bullish and 30% of them are bearish on the currency couple. However, only 46% of orders are to buy the U.S. Dollar.
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