Dukascopy - Analytics


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    NZD/USD retreats

    © Dukascopy Bank SA
    "NZD/USD remains well supported, finding its footing above the 100-day moving average. We'd be cautious on entering a short NZD/USD position just yet, and would wait to see clear signs of waning momentum. Our hunch is that NZD/USD continues to outperform in the near-term." 
    - Raiko Shareef, BNZ (based on WBP Online)

    Pair's Outlook 
    The Buck outperformed the Kiwi despite weak fundamental data. Even though the pair tried to go up, the ultimate movement was to the downside. The New Zealand Dollar lost 46 pips versus the Greenback and closed the day at 0.7603. Even though the technical indicators are giving mixed signals on the daily frame, the pair is likely to tumble amid better-than-expected US Jobless Claims data. Nearest support is at 0.7493, represented by the 55-day SMA, but it is doubtful the currency will fall that far today. 

    Traders' Sentiment 
    The short remain in a dominant position, and 72% of traders have a bearish outlook towards the Kiwi. Meanwhile, the buy orders are now in a fragile majority with 51%.
    © Dukascopy Bank SA

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