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"As long as the data flow continues to be positive and risk appetite is positive, you get the [U.S.] dollar supported."
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
A touch of 0.8122/21 today has led to a surge that has already reached 0.8220/0.8197. Still, additional gains are highly unlikely, being that this resistance consists of the falling resistance line (in place since Oct 22) and the monthly pivot point. On the other hand, large swings to the downside are also improbable, as NZD/USD is underpinned by 0.8105/0.8093, namely by 2012 Q4 lows and the 200-day SMA.
Traders' Sentiment
The bearish towards NZD/USD sentiment is perfectly unchanged compared to the prior report—73% of positions are currently short. Concerning the orders, the portion of the sell ones within 100 pips from the spot grew from 75% up to 85%.
© Dukascopy Bank SA