Dukascopy - Analytics

    Dukascopy

    488.50 6.00/10
    83% of positive reviews
    Real

    NZD/USD charges at 200-day SMA

    © Dukascopy Bank SA
    "The US dollar has been on the back foot for the last 48 hours so kiwi is relatively strong against the backdrop of a weak euro and hence this kiwi/euro looks like it is going to stay elevated for some time." 
    - OMF (based on The New Zealand Herald)


    Pair's Outlook 
    On Friday, the New Zealand Dollar edged up on the weaker Greenback. The resistance trend-line was pierced, as the NZD/USD pair gained 60 pips. Moreover, the pair even probed the monthly R1, before the end of the trading session. Today, the technical studies are mainly mixed, while further rally is expected. The Kiwi is facing a new resistance cluster around 0.7685, which should prevent any substantial rise. However, if the US fundamentals disappoint once again, the currency might easily overcome 0.77. 

    Traders' Sentiment 
    Market sentiment remains bearish, but a bit weaker than yesterday, as 72% of positions are short (previously 74%). Meanwhile, the number of buy orders increased from 26 to 44%.
    © Dukascopy Bank SA

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