© Dukascopy Bank SA
- ANZ Bank new Zealand (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar slightly overperformed, as it appreciated beyond the 0.66 psychological level. Nonetheless, the weekly PP managed to prevent the rally, as was anticipated. The NZD/USD currency pair has already inched lower today, breaching the two immediate supports, with low chances of regaining the bullish momentum. Furthermore, technical studies are showing bearish signs from the short to the long runs, suggesting the Kiwi is to weaken against the Greenback today. The NZ Dollar is expected to close around the weekly PP, with a probability of reaching 0.6540.
Traders' Sentiment
Traders' sentiment improved, as 56% of all positions are now long (previously 45%). The share of buy orders edge up from 30 to 49%.
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