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NZD/USD edges closer to July 2010 low

© Dukascopy Bank SA
"There's dollar strength across the board, and a continuation of the weak GDP theme from last week. The trend is your friend which is a weaker kiwi at the moment." 
- ASB Bank (based on The New Zealand Herald) 


Pair's Outlook 
Yesterday the New Zealand Dollar failed to hover over the 0.69 psychological level and, as a result, declined 29 pips. The Kiwi has been suffering heavy losses since the end of April and refuses to stop falling further. Today the NZ Dollar is likely to weaken once more, but with the weekly S1 limiting the losses. A slump towards the 0.68 major level, which is also surrounded by three other important levels, is possible if the US fundamentals show outstanding figures. Furthermore, technical studies retain bearish signals, bolstering the Kiwi's chance to tumble. 

Traders' Sentiment

More traders now have a positive outlook towards the Kiwi, namely 58% of them. The share of buy orders edged up from 57 to 66%.
© Dukascopy Bank SA


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