© Dukascopy Bank SA
- Commerzbank (based on Bloomberg)
Pair's Outlook
Despite the most technical studies pointing to the downside, NZD/USD refuses to approach supports beneath 0.7730, such as 0.7665 and 0.7627. For now the up-trend support is sufficient to prevent extension of the dips, but we must be aware of the downside risks that currently exist, especially considering the falling resistance line that negates rallies since May 12.
Traders' Sentiment
The portion of long positions increased by a mere percentage point to 63%, but we can still claim that the market sees the local minimum as a trough and therefore expects the pair to rebound from it. Meanwhile, there is no difference between the amounts of buy (49%) and sell (51%) orders.
© Dukascopy Bank SA