Dukascopy - Analytics

Dukascopy

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NZD/USD plummeted above expectations

© Dukascopy Bank SA
"Weakness in the GlobalDairyTrade auction drove New Zealand dollar weakness, and is likely to continue to weigh on New Zealand dollar."
- ANZ Bank New Zealand (based on The New Zealand Herald)


Pair's Outlook
On Tuesday, the Kiwi tumbled down, destroying the earlier gains. The weekly pivot point was not strong enough to stop NZD/USD from falling. As a result, the New Zealand Dollar ended the trading session at 0.7328. Today the Kiwi is expected to slump even more after the New Zealand GDP growth figure, which is likely to worsen. The technical indicators remain bearish, while closest resistance is the monthly S1. In case of a sharper decline the pair might plunge to 0.7235.

Traders' Sentiment
Market sentiment remains unchanged with 30% of positions being long. The gap between the buy and sell orders narrowed, as 41% of all orders are set to purchase and the remaining 59% are set to sell.
© Dukascopy Bank SA


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