© Dukascopy Bank SA
- BNZ (based on FXStreet)
Pair's Outlook
The New Zealand overperformed on Wednesday, as the exchange rate not only climbed over the 0.68 psychological level, but even pierced the immediate resistance in face of the monthly S1 and the 55-day SMA. The Kiwi is now supported by the same cluster, expected to continue appreciating against the American Dollar today. The nearest area to limit the gains lies out of reach, namely around 0.6920, formed by the 20-day SMA, the weekly and the monthly PPs. However, a relatively high possibility of the NZD/USD pair erasing yesterday's losses exists, as technical studies are giving bearish signals and the New Zealand Retail Sales data, which is due later today, could weigh on the NZ currency.
Traders' Sentiment
Today 54% of all open positions are long (previously 51%), while the share of sell orders remains unchanged at 51%.
© Dukascopy Bank SA