Dukascopy - Analytics

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NZD/USD remains stuck between weekly and monthly S1s

© Dukascopy Bank SA
"This week we have seen appetite to start rebuilding dollar long positions. Markets are feeling more confident that U.S. data is rebounding and the dollar will do well." 
- BNP Paribas (based on Reuters) 


Pair's Outlook 
The NZD/USD currency pair did not behave in accordance with expectations. The Kiwi remained relatively unchanged against the US Dollar, losing only four pips and extending consolidation. For the whole week the Kiwi was stuck in a tight range between the weekly and monthly S1s and this Friday is not going to be an exception. These two levels are to hold the NZD/USD within their borders for the last day of the week, but with a likely decline towards 0.6846, as technical studies keep showing bearish signs. 

Traders' Sentiment 
Market sentiment slightly improved, but remains bearish at 51%. At the same time, the number of purchase orders gained 18 percentage points. The commands now take up 70% of the market.
© Dukascopy Bank SA


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