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NZD/USD gains a foothold above 0.7600

© Dukascopy Bank SA
"Against the backdrop of relatively 'strong' fundamentals, the RBNZ has indicated that interest rates are now in "a period of stability." 
- Rabobank (based on The New Zealand Herald)


Pair's Outlook 
Yesterday the Kiwi added 75 pips, as it ignored the 100-day SMA. The currency also managed to challenge the Bollinger band, but ended the trading session at 0.7650. The New Zealand Dollar is now poised for a bounce back, and the pointing-south technical indicators are bolstering this outcome, unless the country's trade balance data improves more than anticipated. Immediate support is located at 0.7628, represented by the recently broken long-term moving average. 

Traders' Sentiment 
The portion of long positions increased from 26% to 35%, whereas the number of buy orders went up one percentage point, from 53 to 54%.
© Dukascopy Bank SA


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