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    NZD/USD to fall under 0.73 again

    © Dukascopy Bank SA
    "With data feeding into Q2 GDP showing some signs of weakness, the risk may be on the downside for USD on a disappointment which would validate market concerns on slowing."
    - Citi (based on Reuters)


    Pair's Outlook 
    On Monday, the better-than-expected New Zealand fundamentals boosted the Kiwi. As a result, the NZ Dollar remained above the 0.73 psychological level, but was unable to surge above 0.7320. A small hike after falling for several days only confirms the bearish pattern, which the pair has been following for the past month. Moreover, technical indicators keep giving bearish signals, suggesting that the NZD/USD today's decline will compensate for yesterday's rally. The Bollinger band has shifted lower, now bolstering the support cluster around 0.7230. 

    Traders' Sentiment 
    Bulls retreated, as only 54% of traders now hold long positions, whereas, the number of purchase orders increased from 43 to 59%.
    © Dukascopy Bank SA

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