© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
The Kiwi erased all weekly gains last week, as it pierced the 0.63 psychological level and settling in front of the lower Bollinger band at 0.6280. Furthermore, the NZ Dollar failed to regain the bullish momentum over the weekend and keeps weakening today as well. A drop below 0.6217 is unlikely, as a cluster, represented by the weekly S1 and Bollinger band, is blocking the path. Moreover, the given cluster is reinforced by the major level of 0.62 and July 2009 low, which altogether might cause a rebound when reached.
Traders' Sentiment
Less traders have a positive outlook towards the Kiwi today, namely 47% of them (previously 59%). Meanwhile, there are exactly three quarters of all orders to sell the New Zealand Dollar, up from 69%.
© Dukascopy Bank SA