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NZD/USD keeps falling to eight-month low

© Dukascopy Bank SA
"As the global economy normalises we're likely to see currencies move back towards the middle of their longer-term ranges - and for the kiwi that means somewhere between 70 and 80 [USD] rather than between 60 and 70."
- CMC Markets (based on The New Zealand Herald) 


Pair's Outlook 
Even though the NZD/USD currency pair edged up yesterday, trade still closed with the Kiwi suffering serious losses. The NZ Dollar almost negated all gains acquire this week, while further weakness is expected today. The weekly S1, as well as the lower Bollinger band, provide strong support; however, a slide down to 0.69 is more likely. The 0.69 major level is also bolstered by the weekly S2 and monthly S1, which together should limit the losses and, possibly, push the given pair slightly back. 

Traders' Sentiment 
Bulls are growing stronger, as 44% of traders now hold long positions (previously 39%). The number of buy orders, on the other hand, declined from 47 to 29%.
© Dukascopy Bank SA


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