© Dukascopy Bank SA
- Danske Bank (based on FXStreet)
Pair's Outlook
After Tuesday's losses the NZD/USD currency pair doubled back, taking advantage of the weak US fundamental data. Nonetheless, resistance was encountered at 0.6793, where the Bollinger band coincides with the weekly R1. The given resistance cluster weakened, as the gap between the two levels widened today. As a result, the Kiwi is likely to experience another rally. The pair has already tested the 0.69 major level, but failed penetrate it, as it is reinforced by the weekly R2. Technical studies remain bullish, bolstering the possibility of a positive outcome.
Traders' Sentiment
Both net positions and net orders worsened. There are now 71% of traders being short the Kiwi, whereas 73% of all orders are to sell it.
© Dukascopy Bank SA