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NZD/USD falls deeper down

© Dukascopy Bank SA
"The Reserve Bank of New Zealand may be changing view on rates as inflation slows."  
- Bill English, New Zealand Finance Minister (based on WBP Online) 

Pair's Outlook 
On Thursday, the NZD/USD remained relatively unchanged. A slight decline towards 0.76 occurred, after sustaining heavy losses on Wednesday. Today the Kiwi is expected to edge even lower, with the monthly PP as the closest support, now shifted to 0.7578. If the NZ Dollar edges down beyond the monthly PP, then all gains in the past ten days will be erased. Meanwhile, technical indicators are now giving mixed signals in the short-term, while the medium-term ones suggest a slump. 

Traders' Sentiment 
Bears keep going stronger, as 74% of all positions are now long (previously 73%). The number of buy orders declined by five percentage points. The commands now take up 46% of the market.
© Dukascopy Bank SA


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