Dukascopy - Analytics

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    NZD/USD set to rebound

    © Dukascopy Bank SA
    "The NZ dollar has gone from strength to strength in recent weeks and Kiwis are really making the most of this."
    - Scott McCullough, Travel Money NZ (based on The New Zealand Herald)


    Pair's Outlook 
    No surprises concerning NZD/USD pair occurred yesterday. The US Dollar outperformed its New Zealand counterpart, and the rate dropped to 0.7504, just four pips above the forecast. However, the second resistance (55-day SMA) was still tested during the day. As for Wednesday, the Kiwi is set to rebound after a two-day loss, whereas the technical indicators are generating bullish signals. Two resistance levels are on the way, but they are likely to be easily breached. Gains should be limited by the trend-line at 0.7628, while the most anticipated outcome is a close around 0.7560. 

    Traders' Sentiment
    Shorts are prevailing with 72% over 28% for longs, while the majority (52%) of orders is set to acquire the Kiwi (previously 43%).
    © Dukascopy Bank SA

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