© Dukascopy Bank SA
- Labour finance spokesman David Parker (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar is testing the monthly S2 at 0.8176 today, after falling below it on Friday. In case the pair fails to breach this level then a drawback towards the major level at 0.81 is possible. However, we consider the 0.81 mark to be the bottom for the time being, since the pair is starting to show some bullishness. Nonetheless, if the pair slides below 0.81 then the psychological level at 0.80 becomes the target.
Traders' Sentiment
More and more traders consider the dip in NZD/USD to be overstretched. Accordingly, the share of long positions grew from 56% to 58% from the last week. The distribution between the buy and sell orders is rather wide—38% and 62% respectively.
© Dukascopy Bank SA