© Dukascopy Bank SA
- ANZ (based on The New Zealand Herald)
Pair's Outlook
The NZD/USD currency pair reached the immediate support at 0.6552, but instantly bounced back, adding 11 pips ultimately. The pair closed near the target 0.6580 level, just above the 20-day SMA resistance, as volatility to the upside was limited by the 0.66 psychological level. As a result, the Kiwi is likely to sustain losses today, as the major level keeps preventing further appreciation. Consequently. The NZ Dollar could retreat to the weekly PP, although the 20-day SMA on the currency's path might slow down the decline.
Traders' Sentiment
Bulls keep rising in numbers, as 45% of all positions are long today. Meanwhile, 53% of all orders are to sell the Kiwi (previously 50%).
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