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NZD/USD remains caged between 55 and 100-day SMAs

© Dukascopy Bank SA
"The OECD downgraded global growth forecasts, citing 'deep concern' over global trade, a clear warning for direction for open trade related currencies such as (the) New Zealand dollar." 
- ANZ Bank New Zealand (based on The New Zealand Herald)


Pair's Outlook 
The Kiwi came close to testing the 100-day SMA yesterday, but ultimately stabilised at the immediate resistance, namely the Bollinger band. Today the Bollinger band is providing support along with the 55-day SMA, while the immediate resistance is the 100-day one. Technical studies retain their mixed signs, indicating a possibility of a quiet trade today. The NZD/USD is likely to remain within the borders of 55 and 100-day SMAs, but with a slight shift higher, as the NZ Dollar should begin recovering towards the down-trend.

Traders' Sentiment 
Bullish market sentiment remains unchanged at 55%, while the share of sell orders gained three more percentage points, up to 71%.
© Dukascopy Bank SA


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