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    NZD/USD attempts to cross the 0.72 level

    © Dukascopy Bank SA
    "Macro funds betting on a September Fed rate hike have increased their long exposure to the dollar, which was the main driving force behind the rise this week."
    - Nomura Securities (based on Reuters)

    Pair's Outlook 
    On Wednesday, the New Zealand Dollar edged down again, maintaining the six-week bearish trend. However, the Kiwi experienced substantial volatility, but remained relatively unchanged by the end of the day. The strong cluster around 0.7225 provided strong support, which might finally cause the NZD/USD currency pair to rebound. Technical studies remain mixed in the daily timeframe, but the weekly ones retain bullish signals. In the worst-case scenario the pair could reach the 2011 low, but most likely it is to settle around 0.7175.  

    Traders' Sentiment 
    Bulls retreated, as 52% of all positions are now long, compared to 54% yesterday. The share of buy orders decreased from 69 to 43%.
    © Dukascopy Bank SA

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