Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    NZD/USD rises ahead of US Existing Home Sales

    © Dukascopy Bank SA
    "The current short-term consolidation phase appears incomplete and this pair is expected to trade sideways for a couple of days more. As long as the trailing stop-loss at 0.7600 is intact, we expect an eventual move above the recent peak at 0.7740 followed by 0.7780."  
    - UOB Group (based on FXStreet)

    Pair's Outlook 
    On Wednesday, the Kiwi managed to edge up a little, despite serious volatility during the trading session. The 200-day SMA provided the required support for the NZD/USD pair to turn the tide. Technical studies retain mixed signs, unable to bolster neither the bullish, nor the bearish scenario. Nevertheless, we still expect the NZD/USD pair to edge up at least towards the monthly R1, unless the US fundamentals surprise with outstanding data. In the worst case, the Kiwi might retreat back to 0.76, while our prospect suggests the New Zealand currency will end trade between 0.77 and 0.7737.  

    Traders' Sentiment 
    Traders' outlook towards the Kiwi improved from 27 to 30%, whereas buy commands now account for 47% (previously 46%).
    © Dukascopy Bank SA

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