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NZD/USD poised for a rally

© Dukascopy Bank SA
"This is another facet of the New Zealand economy's current outperformance - especially against Australia."
- Westpac (based on WBP Online)


Pair's Outlook 
Last Friday New Zealand Dollar rebounded, but, as anticipated, was unable to pierce the weekly R1. Eventually, the NZD/USD pair settled at 0.7558. This week NZD/USD is set to test the weekly pivot point, as technical indicators are giving bearish signals on the hourly and four-hour time frames. Nonetheless, the daily and weekly studies are strongly bullish, suggesting more upside momentum for the Kiwi. Gains are likely to be stopped by the 55-day SMA at 0.7590.

Traders' Sentiment
Positive market sentiment is slowly gaining ground, as 43% of all positions are now long. Meanwhile, the number of orders to acquire the Kiwi in the 100-pip range from the spot slumped down to 46%.
© Dukascopy Bank SA


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