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NZD/USD attempts to erase Tuesday's losses

© Dukascopy Bank SA
"We had another weak dairy auction but it didn't matter because it's all about the US dollar." 
- Westpac Banking Corp (based on The New Zealand Herald) 


Pair's Outlook 
The Kiwi stretched out to 0.72 during the trading session, but still closed trade at 0.7162, namely the weekly PP. Today the immediate resistance level is likely to cause the New Zealand Dollar to turn the tide and resume its bearish trend. Losses should be limited by the 2011 low at 0.7114, but a fall deeper to 0.7060 is also possible. The negative bias is also bolstered bay the technical indicators, which are emitting bearish signals in the daily timeframe today. 

Traders' Sentiment 
SWFX market sentiment weakened again, as only 40% of traders now hold long positions, compared to 43% yesterday. At the same time, the portion of buy commands added 29 percentage points. The orders now account for 56% of the market.
© Dukascopy Bank SA


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