Dukascopy - Analytics

    Dukascopy

    469.25 6.25/10
    83% of positive reviews
    Real

    NZD/USD meets the weekly R1

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    "Crude oil prices gained over 2 percent ... on news of U.S. industry spending cuts and declining U.S. drilling." -
     ANZ bank (based on MarketWatch)


    Pair's Outlook
    The NZD/USD continued the monthly appreciation and the new trading week started with a gap to the upside. The US Dollar has been losing its value versus the New Zealand Dollar for a third consecutive week. The appreciation started once the pair met April 2010 high at 0.718 which triggered such a bullish momentum. The next resistance level is situated at 50% Fibonacci at 0.753 and a break above should open the way to weekly R2 at 0.759.


    Traders' Sentiment
    The market becomes more hesitant on whether to buy the pair since only 39% currently are being long. On the other hand, 53% of all would buy the pair if the prices changes for 50– pips. The 100– pip pending orders are majorly bearish for 74% of the case.
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