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- Societe Generale (based on MarketWatch)
Pair's Outlook
Our previous estimations proved to be correct, as the currency pair has risen above the former resistance at 0.8388/73. NZD/USD is unlikely to stop here, but is assumed to remain capable of moving even closer to the key resistance zone at 0.8499/49. Therefore if the surge is to emerge, it will probably be shallow. In the interim dips are to be held by supports at 0.8388/73 and 0.8356/55.
Traders' Sentiment
The U.S. Dollar is one of the most popular currencies in the SWFX marketplace, bought in 54% of cases, while the New Zealand Dollar is acquired in only 26% of cases on average. Accordingly, the traders' sentiment is strongly bearish towards their pair—73% of positions are short. Distribution between buy and sell orders is 49% to 51% respectively.
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