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    NZD/USD: bearish outcome likely

    © Dukascopy Bank SA
    "Resistance will likely be encountered on any move toward 0.7610 which marks the highs since mid-Jan." 
    - Kimberly Martin, BNZ currency expert (based on WBP Online)


    Pair's Outlook 
    The New Zealand Dollar extended its gains for another day. However, the pair lacked the strength to reach the previously established resistance levels represented by the Bollinger band and the weekly R1. Nevertheless, the pair settled at 0.7589, slightly above the 55-day SMA. Technical indicators are bullish, but improvements in the expected US data are likely to weigh on the Kiwi. Closest support is located at 0.7531, represented by the weekly PP, although it appears to be unreliable.

    Traders' Sentiment 
    The gap between long and short positions widened, as 33% of traders are now long (36% yesterday). At the same time, the portion of buy orders almost doubled, rallying from 30% to 66%.
    © Dukascopy Bank SA

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