© Dukascopy Bank SA
- UOB (based on FXStreet)
Pair's Outlook
Once again the 100-day SMA managed to prevent the New Zealand Dollar from declining, as it has during the previous two weeks. Technical indicators keep giving bearish signals, suggesting that the negative outcome is still to prevail, which would also imply a breach of the 100-day SMA. The weekly S1 is bolstering the given SMA, which could at least hold the exchange rate above the 0.67 major level today. Technically, however, the Kiwi should rebound and put the weekly pivot point at 0.6774 to the test again, but a rally beyond that area is doubtful.
Traders' Sentiment
Today 55% of traders are long the Kiwi (previously 54%). At the same time, the percentage of orders to acquire the NZ Dollar edged higher, now taking up 51% of the market (previously 42%).
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