© Dukascopy Bank SA
- Barclays Capital (based on CNBC)
Pair's Outlook
Depreciation of the kiwi was stopped at the rising support line, reinforcing the idea that the medium-term outlook is still positive. In the meantime technical indicators in three different timeframes also point north. The key zone is a cluster of supports at 0.8357/32, consisting of the 55-day SMA, monthly pivot point, weekly S1 and a rising trend-line, that should continue guiding NZD/USD upwards.
Traders' Sentiment
Popularity of the New Zealand Dollar has somewhat improved, but the general sentiment is still strongly negative toward the currency, as merely 28% of opened positions on it are long. In NZD/USD pair the ratio of bulls to bears is 29% to 71% respectively. The distribution between buy and sell orders, however, has been changed considerably. Now 43% of them are to acquire the kiwi and 57% are to sell it against the buck.
© Dukascopy Bank SA