Dukascopy - Analytics

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NZD/USD retreats to 0.7410

© Dukascopy Bank SA
"We'd be unsurprised to see further fresh highs in the cross, as speculation grows for a further RBA rate cut in April." 
- Bank Of New Zealand (based on The New Zealand Herald)


Pair's Outlook
On Thursday, NZD/USD edged down lower than anticipated. The forecast suggested a decline to 0.7450, or in the worst case to 0.7323, whereas the Kiwi breached the nearest support cluster and settled at 0.7410. The technical studies have a bearish outlook towards the New Zealand Dollar, indicating the currency will maintain its downward momentum. This time the pair has the potential to reach the weekly pivot point at 0.7323.

Traders' Sentiment
After remaining unchanged for three days, the SWFX sentiment deteriorated, as 29% of all positions are now long. At the same time, the number of orders to acquire the Kiwi added 11 percentage points, and they account for 41% of all the commands.
© Dukascopy Bank SA


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