© Dukascopy Bank SA
- Bank of New Zealand (based on Bloomberg)
Pair's Outlook
After a short contact with the bullish trend-line NZD/USD started to move away from it at an accelerate pace, acting in line with our previous assumption that the currency pair should for now remain within an ascending triangle it has been forming for the last 250 bars. Accordingly, it would be well-justified to await a rise up to the resistance at 0.8499/62 in the medium term.
Traders' Sentiment
The New Zealand Dollar remains the least preferred currency, as 74% of all the positions opened in its crosses are short on the currency. The same is observed with NZD/USD, where merely 26% of the market think that the most recent rally is sustainable. The bearish signal provided by the orders is less pronounced, since 45% of orders are to buy the kiwi.
© Dukascopy Bank SA