Dukascopy - Analytics


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    NZD/USD extends rally

    © Dukascopy Bank SA
    "The weaker-than-expected US data flow kept the US dollar on the back foot." 
    - ANZ Bank New Zealand (based on The New Zealand Herald)

    Pair's Outlook 
    The NZD/USD pair behaved in accordance with the forecast. The New Zealand Dollar rallied on Wednesday and ended trade just under the resistance trend-line. Today, the Kiwi should turn the tide, as the trend-line provides a solid obstacle; however, the level might be breached amid weak US fundamental data tomorrow. The technical indicators are mainly showing mixed signs, while the nearest support rests around 0.7540. In case there is a rally, it is likely to be limited by a resistance cluster around 0.7655. 

    Traders' Sentiment 
    Both net positions and net orders declined. Percentages of short position and sell orders are now the same, they account for 74% of the totals.
    © Dukascopy Bank SA

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