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    NZD/USD regains momentum

    © Dukascopy Bank SA
    "On a trade-weighted basis, the New Zealand dollar remains unjustifiably high and unsustainable in terms of New Zealand's long-term economic fundamentals."
    - RBNZ (based on The New Zealand Herald)


    Pair's Outlook 
    The New Zealand Dollar climbed on Wednesday after the RBNZ Rate Statement. The trading day for the NZD/USD pair ended just over the monthly S1 at 0.7298. As for today, the Kiwi appreciated versus the Greenback after weak US data; however, the gains are likely to be limited, as more data is on the way that can impact both currencies. The technical studies show neutral signs, and the pair might trade in tight range between a cluster of supports at 0.7280 and a group or resistances around 0.7445. 

    Traders' Sentiment
    Bearish sentiment in the SWFX market strengthened, as 71% of positions are now short, whereas the portion of sell orders decreased from 68% to 59%.
    © Dukascopy Bank SA

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