© Dukascopy Bank SA
- OMF (based on The New Zealand Herald)
Pair's Outlook
The New Zealand currency was able to regain the bullish momentum on Friday, but struggled to maintain trade above the monthly PP. Nevertheless, price still closed above the 0.68 major level, with bullish momentum to spare. As a result, the NZ Dollar is to prolong its rally, climbing over the immediate resistance, namely the weekly and the monthly PPs. The second target rests only at 0.6885 in face the weekly R1, but bulls are unlikely to push the NZD/USD's exchange rate that high. Meanwhile, technical indicators are giving bullish signals, bolstering the possibility of the positive outcome.
Traders' Sentiment
Now 55% of all open positions are short (previously 61%), whereas the number of orders to acquire the Kiwi added 18% points. The orders now take up 57% of the market.
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