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    NZD/USD tries to erase yesterday's gains

    © Dukascopy Bank SA
    "We're stuck in the bottom of the range because of speculation of RBNZ rate cuts, to the extent that the market has fully priced in a 25 point cut by July." 
    - Bank of New Zealand (based on The New Zealand Herald) 


    Pair's Outlook 

    The Kiwi soared versus the US Dollar on Thursday, due to weak US fundamentals. The NZD/USD pair breached the immediate resistance level, but was unable to negate Wednesday's losses, as it settled at 0.7350. The New Zealand Dollar is likely to suffer some losses today, with the weekly S1 acting as an immediate support. However, if the US Dollar gets boosted, we might see a drop to 0.73 psychological level or even the Bollinger band at 0.7285. Meanwhile, technical studies keep giving bearish signals, bolstering the negative outcome.

    Traders' Sentiment 
    The majority of traders, namely 55%, have a positive outlook towards the Kiwi. The buy and sell order ratio is now equal to one.
    © Dukascopy Bank SA

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