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NZD/USD inches higher, resumes trade between SMAs

© Dukascopy Bank SA
"The US dollar has retraced some of its post nonfarm-payroll strength, but this is likely due to profit-taking and the US holiday rather than a reassessment of dollar strength." 
- Australia and New Zealand Banking Group (based on Business Recorder) 


Pair's Outlook 
The NZD/USD currency pair remained completely unchanged over the last 24 hours. Consequently, the trading range between the 55 and 100-day SMAs also remained intact and is likely to keep the Kiwi caged inside for another day. However, the trading range is narrowing, as the 55-day SMA is now at 0.6518, while the 100-day one at 0.6567. The US Dollar profit taking is expected to take place due to the US bank holiday, thus, pushing the Kiwi higher towards the 100-day SMA. Technical studies, however, retain bearish signs. 

Traders' Sentiment 
The gap between long and short positions keeps narrowing, with 54% of traders now holding long positions and the remaining 46% - short. There are less orders to sell the Kiwi today, namely 67%.
© Dukascopy Bank SA


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