Dukascopy - Analytics


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NZD/USD fails to break through 0.66

© Dukascopy Bank SA
"Even though we think the prices have bottomed, in order to restore profitability for dairy farmers and that sector of the New Zealand economy, prices have to bounce quite a long way further. We are still seeing it as a loss-making season, which means it shouldn't be overly good news for the New Zealand dollar." 
- ANZ (based on The New Zealand Herald)

Pair's Outlook 
The NZD/USD currency pair reached the immediate support at 0.6552, but instantly bounced back, adding 11 pips ultimately. The pair closed near the target 0.6580 level, just above the 20-day SMA resistance, as volatility to the upside was limited by the 0.66 psychological level. As a result, the Kiwi is likely to sustain losses today, as the major level keeps preventing further appreciation. Consequently. The NZ Dollar could retreat to the weekly PP, although the 20-day SMA on the currency's path might slow down the decline. 

Traders' Sentiment
Bulls keep rising in numbers, as 45% of all positions are long today. Meanwhile, 53% of all orders are to sell the Kiwi (previously 50%).
© Dukascopy Bank SA

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