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NZD/USD extends rally for the third consecutive day

© Dukascopy Bank SA
"We would expect Governor Wheeler to make his easing bias clear and for any upside in NZD/USD to be short-lived."
- Rabobank International (based on The New Zealand Herald)


Pair's Outlook 
Despite rather substantial volatility, the NZD/USD pair still appreciated in contradiction with the forecast. The weekly PP pushed the Kiwi back up, while the weekly R1 limited the gains yesterday. Technical indicators keep emitting bearish signals in the daily timeframe, but we expect the Kiwi inch up again today. The weekly R1 still acts as an immediate resistance, but a stronger level rests at 0.7193, namely the 20-day SMA (also bolstered by the 0.72 psychological level.  

Traders' Sentiment 
SWFX trader's sentiment remains unchanged, with 39% of all positions being long. At the same time, sell commands now take up the majority of the market, namely 53% of them.
© Dukascopy Bank SA


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