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    NZD/USD undergoes a correction

    © Dukascopy Bank SA
    "With the RBNZ wishing to see NZD depreciation, weak earnings data would provide the central bank with the perfect justification to act to ensure NZD weakness is maintained."  
    - Bank of Tokyo-Mitsubishi (based on FXStreet) 


    Pair's Outlook 
    The NZ Dollar tried to gain some value, but the monthly PP forced it to bounce back. As a result, the Kiwi declined 40 pips against the US Dollar, with the 100-day SMA and the Bollinger band preventing further losses. Technical studies are now mixed in the daily timeframe, whereas a slight rebound is expected. The nearest resistance lies at 0.7548, represented by the 55-day SMA, although the NZD/USD pair is unlikely to reach that high. Furthermore, the Kiwi should at least close trade over the 0.75 level once again today.

    Traders' Sentiment 
    More traders have a positive outlook towards the NZD/USD, as 39% of them are now long the Kiwi (previously 25%). Meanwhile, the portion of purchase orders returned to its Monday's level of 51%.
    © Dukascopy Bank SA

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