Dukascopy - Analytics

Dukascopy

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NZD/USD to dip more

© Dukascopy Bank SA
"We do expect the USD to rise further in the months ahead and, with weather potentially a factor depressing the February retail sales numbers, market participants are unlikely to meaningfully adjust their Fed expectations on the basis of this week's report." 
- BNP Paribas (based on WBP Online)


Pair's Outlook 
The Kiwi behaved according to the forecast yesterday. The currency climbed up versus the Greenback and even tested resistance around 0.7445. The supply area was not breached, and the pair settled at 0.7385. Technical studies suggest a bearish outcome for the Kiwi, while a plunge has already begun in spite of the worse-than-anticipated US PPI and Consumer Confidence data. A group of supports, namely the monthly and weekly S1s and the lower Bollinger band, is set around 0.7276. 

Traders' Sentiment 
The gap between bulls and bears widened, as 73% of open positions are now short. Meanwhile, the share of the buy orders tumbled down to 35%.
© Dukascopy Bank SA


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