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NZD/USD extends decline

© Dukascopy Bank SA
"The New Zealand dollar is obviously highly sensitive to anything to do with our primary industries, so you would expect it to weigh on the currency a little bit, but over the long term you would expect our trading partners to be comfortable with the response that's been put in place."
- ANZ Bank (based on The New Zealand Herald)


Pair's Outlook
Despite the expectations the Kiwi decided to cede ground on Monday. Yesterday's daily technical indicators proved to be unreliable, while today they also are pointing north. At the same time, the US data turned out to be weaker than estimated, creating a chance for the Antipodean currency to appreciate. The closest resistance consists of the weekly and monthly pivot points; and additional supply could be found at 0.7480, represented by the 20-day SMA. 

Traders' Sentiment 
Market sentiment remains unchanged, as the percentage of longs stands at 26%. The number of orders to acquire the Kiwi increased by three percentage points to 31%.
© Dukascopy Bank SA


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