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NZD/USD experiences further weakness

© Dukascopy Bank SA
"With one of the highest interest rates in the industrialized world, the RBNZ has ample room to lower rates from the current 3.5 per cent benchmark level and several banks have already predicted that RBNZ may start doing so as early as June."
- BK Asset Management (based on The New Zealand Herald)


Pair's Outlook 
Even though the NZD/USD pair tested the 55-day SMA resistance level, a 13-pip decline still occurred. The 100-day SMA failed to provide support, which resulted in the pair's disappointment. Today's situation is similar to the one on Wednesday, as all signs point to a rally. However, we expect the pair to edge down, with immediate support resting at 0.7452, represented by the Bollinger band. Meanwhile, technical indicators retain mixed signals, unable to confirm the forecast.

Traders' Sentiment 
Even more traders have a positive outlook towards the Kiwi, as 41% of them are now long the NZ Dollar. The percentage of commands to acquire the New Zealand currency increased from 51 to 58%.
© Dukascopy Bank SA


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