Dukascopy - Analytics

    Dukascopy

    472.75 6.25/10
    83% of positive reviews
    Real

    NZD/USD capped by 0.7450

    © Dukascopy Bank SA
    "There are no fresh incentives to push the dollar higher, but there is no drive to sell the dollar after upbeat U.S. jobs data either.''
    - Gaitame.Com Research Institute (based on MarketWatch)

    Pair's Outlook
    Bullish momentum the currency pair gained following a test of support at 0.72 seems to have run out of steam, being that the Kiwi is unable to overcome supply at 0.7450. As long as the 38.2% Fibonacci retracement together with the monthly PP acts as a ceiling, the risks are heavily skewed to the downside. Immediate support is the weekly PP, followed by a stronger area at 0.72 and an even stronger area at 0.71 (2011 low and down-trend).

    Traders' Sentiment
    The SWFX sentiment remains distinctly bearish, as 61% of open positions are to profit from New Zealand Dollar's depreciation. Meanwhile, the gap between the buy and sell orders in favour of the latter narrowed from 36 to 18 percentage points.
    © Dukascopy Bank SA

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