© Dukascopy Bank SA
- HiFX (based on The New Zealand Dollar)
Pair's Outlook
The Kiwi's performance was similar to the Aussie's, as it received a boost from an increase in oil prices yesterday. As a result, the NZD/USD currency pair erased all previous week's losses and closed trade at the highest level in four weeks. Gains were limited by the 100-day SMA, the Bollinger band and the weekly R1, which altogether still act as a strong supply area today. Nevertheless, the New Zealand Dollar is still likely to advance today, at least according to technical indicators, as they keep giving bullish signals.
Traders' Sentiment
Bearish traders' sentiment remains unchanged at 70% today, whereas the share of orders to sell the New Zealand currency lost six percentage points. The orders now take up 54% of the market.
© Dukascopy Bank SA