Dukascopy - Analytics

    Dukascopy

    464.25 6.25/10
    83% of positive reviews
    Real

    NZD/USD market welcomed the bulls

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    "People are focusing on the risk story, and that's I think supportive of currencies that have been pretty much beat up against the dollar.'' 
    - Mark McCormick at Credit Agricole (based on Reuters)


    Pair's Outlook
    The NZD/USD pair continues to appreciate since the end of January 2015. Today, the Kiwi buyers benefited from 70 pip hike from Friday's close at 0.736. The next closest resistance level is situated at the May 2012 low or the 38.20% Fibonacci retracement level both at 0.745. On the downside, the weekly PP and the November 2011 low level at 0.733 should act as a strong support.


    Traders' Sentiment
    The market has not changed much from Friday's close since 39% of traders hold long positions. 39% of all expect the pair to appreciate once it moves 50– pips and the 100– pip ones will be bought by 32% of traders, the same from the last update.
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