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NZD/USD soars over the down-trend

© Dukascopy Bank SA
"With the US dollar swinging wildly it was notable that the New Zealand dollar squeezed higher when markets were selling the US dollar, and was much more resistant to US dollar buying than the Australian dollar." 
- ANZ Bank New Zealand (based on The New Zealand Herald)


Pair's Outlook 
The Kiwi covered 156 pips on Friday, breaching all potential obstacles on its path. Importantly, NZD/USD breached the resistance trend-line before ending the trading day at 0.7656. The technical studies are mixed, thus the New Zealand Dollar has a solid chance to fall versus the Greenback, if the US Existing Home Sales do not disappoint. Support now lies around 0.7501, represented by the 55-day SMA. 

Traders' Sentiment 
The market sentiment deteriorated over the weekend, as the share longs dipped from 29% to 26%. Meanwhile, the number of orders to acquire the Kiwi increased, as 53% of orders are set to buy (previously 41%).
© Dukascopy Bank SA


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