NZD/USD Seems Range Bound

NZD/USD Seems Range Bound


"The euro is working its way through another small corrective phase within a massive, long-term word the word the within a massive, long-term." - Global Hunter Securities (based on CNBC)

Pair's Outlook

Pair seems to be somewhat range bound, like it was in the end of the last week. It seems that there is no strong enough catalyst behind the pairs moves and seems likely to stay between 20 and 100-day SMAs and weekly S1 in the nearest future. Peak above these boundaries does not seem to be able to ignite a rally, whereas an unexpected dip below 0.8145 could ignite a sell off till 80 cents.

Traders' Sentiment

Bears are continuing to increase the pressure on the bulls as short side of pending orders increased by further 5%, 10% since Thursday, and is at 55% level time. Bulls, however, no not show willingness to step back as they continue to dominate the market holding 74% of all open positions.