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NZD/USD attempts to regain the bullish momentum

© Dukascopy Bank SA
"The dollar is set to remain well supported in this environment, especially with economic data like we had yesterday. The DXY index is quickly advancing back toward levels not seen since April of this year."
- Bank of Tokyo-Mitsubishi (based on WBP Online)

Pair's Outlook 
The Kiwi performance over Wednesday fell in line with expectations, as the NZD/USD currency pair weakened and closed trade between the 100-day SMA and the lower Bollinger band. The given SMA should cause the NZ Dollar to rebound and retest the weekly S1, ultimately reaching the resistance trend-line again, but risks of the pair plunging again persist. The next target after the nearest support, namely 100-day SMA, is pierced is the 55-day one around 0.6517, which could then lead to a slump towards the Sep low and even the 2009 Q3 low at 0.6195. 

Traders' Sentiment 
Traders are confident in the Kiwi, as 67% of all positions are long. The share of sell orders barely changed, increasing from 62 to 63%.
© Dukascopy Bank SA


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