© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
As expected, the New Zealand Dollar remained relatively unchanged against the Greenback, adding only nine pips. The NZD/USD closed trade at 0.6720, rather than at 0.6730; however, leaving room for more weakness today. Yesterday's gains are likely to be erased, but losses should also be limited around 0.67, as the weekly S2 is bolstering that psychological level. Furthermore, the lower Bollinger band is to provide additional support around 0.6690, in case the Kiwi manages to pierce the weekly S2. Meanwhile, technical studies keep showing mixed signals, unable to confirm the scenario.
Traders' Sentiment
The share of long positions now accounts for only 56% of the market, while 63% of orders are to purchase the Kiwi today.
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