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    NZD/USD starts moving towards 0.72

    © Dukascopy Bank SA
    "We might be at the end of the broad US dollar sell-off, which has prevailed since mid-March. Investors look exceedingly keen to jump back on the strong US dollar story, upon any evidence than the Fed remains on track for a September lift-off in rates." 
    - Bank of New Zealand (based on The New Zealand Herald) 

    Pair's Outlook 
    The NZ Dollar almost fell in line with expectations, as it declined against the US Dollar at the end of last week. The Kiwi reached 0.73 psychological level, but stabilised slightly under at 0.7296, erasing all Thursday's gains. On Monday, the NZD/USD pair is likely to fall down again. The lower Bollinger band is now the closest support, but the cluster around 0.7230 provides stronger support. Meanwhile, technical indicators keep giving bearish signals, bolstering the negative outcome in the daily timeframe. 

    Traders' Sentiment 
    The percentage of long positions increased, as 60% of traders are now long the Kiwi. At the same time, buy commands broke out of the equilibrium, now accounting for only 43% of the market.
    © Dukascopy Bank SA

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