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NZD/USD regains bullish momentum

© Dukascopy Bank SA
"Increased speculation of RBNZ rate cuts appears to have been a key contributor to the weakness." 
- Bank of New Zealand (based on The New Zealand Herald)


Pair's Outlook 
On Monday, the Kiwi suffered heavy losses against the US Dollar. Immediate support, as well as the cluster around 0.7365, both lacked the strength to stop the NZD/USD pair from declining. Ultimately, the New Zealand Dollar plunged to 0.7341, but bullish momentum is expected to be regained. A hike further than 0.74 psychological level is doubtful, as there are two resistances on the way. The trading session should end around 0.7370, despite that technical studies are now emitting bearish signals. 

Traders' Sentiment 
Market sentiment weakened dramatically, as only 32% of traders are long the Kiwi today. At the same time, the percentage of purchase orders returned to its last Friday's level of 52%.
© Dukascopy Bank SA


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