Dukascopy - Analytics

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    NZD/USD edges higher

    © Dukascopy Bank SA
    "Overall, the minutes don't add much clarity to the outlook for monetary policy, especially given some weak economic data since the meeting." 
    - Westpac Banking Corp. (based on The New Zealand Herald)


    Pair's Outlook 
    The New Zealand Dollar regained upward momentum on Wednesday. In accordance with the forecast, NZD/USD breached the first two resistance levels, but lacked the strength to reach 0.76. The Kiwi closed at 0.7549, slightly under the goal of 0.7560. Nonetheless, an extension of the rally is anticipated on Thursday, and the technical indicators are showing bullish signs. The pair may challenge 0.76 today, but moving higher should prove to be difficult because of the resistance trend-line. 

    Traders' Sentiment 
    Bearish traders grow stronger, as even more positions are now short, 74% to be exact. Meanwhile, the sell orders are in a majority, with 57% of all the commands.
    © Dukascopy Bank SA

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