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NZD/USD sets off on a path to the down-trend

© Dukascopy Bank SA
"At this stage, a [RBNZ] December rate cut is certainly looking more likely than not, but there's still a way to go before then." 
- Westpac (based on FXStreet) 


Pair's Outlook 
The NZD/USD dropped down through the immediate support cluster, closing trade in front of the weekly S2 and the 55-day SMA at 0.6520. The given support remains strong and is expected to prevent the Kiwi from falling deeper today as well. The Bollinger band is the immediate resistance, but a stronger level is located at 0.6573, represented by the 100-day SMA. Due to the lack of market movers and, therefore, sufficient bullish momentum, the NZ Dollar should remain within the borders of 55 and 100-day SMAs today. 

Traders' Sentiment 
Bulls retreated but remain in the majority, as 55% of all positions are long (previously 62%). At the same time, the number of orders to sell the Kiwi lost 13 percentage points, dropping to 68%.
© Dukascopy Bank SA


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