Dukascopy - Analytics


463.00 6.00/10
83% of positive reviews

NZD/USD approaches supply at 0.7450

© Dukascopy Bank SA
"A soft outcome would likely take an immediate toll on the NZD, though it is worth remembering dairy prices have already lifted 30% since their early-Dec lows."
- BNZ (based on WBP Online)

Pair's Outlook
On Monday, the Kiwi surged , as well as every major currency paired with the Buck, after the disappointing US fundamentals. The New Zealand Dollar attempted to erase last Friday's losses, but failed. Finally, the pair ended the trading session at 0.7364. On Tuesday technical studies suggest a bearish outcome for the Kiwi; however, if the New Zealand Current Account figures improve later today, the rally will extend. A strong resistance cluster lies around 0.7455, whereas the nearest resistance level is set at the weekly pivot point.

Traders' Sentiment
The SWFX market sentiment slightly improved, but still remains distinctly bearish, as 70% of all positions are short. The buy orders account for 28% of all commands (29% yesterday).
© Dukascopy Bank SA

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