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    NZD/USD now aims for 2011 low

    © Dukascopy Bank SA
    "The income to dairy farmers over the next few months will be a lot lower than it was a year ago and probably a lot lower than many of them had expected, so that's going to put pressure on farm spending and debt [in New Zealand]." 
    - Bancorp Treasury Services (based on The New Zealand Herald)

    Pair's Outlook 
    The NZD/USD currency pair almost fell in line with expectations. A sharp fall occurred, as the pair almost reached the 2011 low at 0.7114. The Bollinger band, however, provided support, causing the pair to stabilise at 0.7181, just six pips away from the target. Today the Kiwi is likely to suffer a third more than 50-pip loss this week. The 2011 low remains the target, but the Bollinger band, now around 0.7143, might limit the slump one more time. Technical indicators retain mixed signals in the daily timeframe, unable to confirm the bearish scenario.

    Traders' Sentiment 
    Bears are now in the majority, as 57% of traders hold short positions. Meanwhile, 59% of orders are now to acquire the Kiwi.
    © Dukascopy Bank SA

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