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NZD/USD to attempt to reach the July 2010 once more

© Dukascopy Bank SA
"There was a growing feeling that maybe it has gone too far too fast, even though the longer-term trend does remain downward. It just seems to be one of these normal corrective phases that it has to go through to solidify the trend." 
- Peter Cavanaugh, Bancorp Treasury Services adviser (based on The New Zealand Herald) 

Pair's Outlook 
The Kiwi found support in face of the weekly S1, which cause the NZ Dollar to rebound. Although the NZD/USD currency pair managed to reach the monthly S1 near the 0.69 major level, trade still closed only at 0.6889. However, yesterday's gains are not expected to last, as the poor fundamental data is to push the New Zealand currency back down today. The weekly S1 keeps providing support, but a stronger cluster is located around 0.68 psychological level. Technical indicators are showing bearish signs, bolstering the possibility of the negative outcome. 

Traders' Sentiment 
Less traders now have a positive outlook towards the Kiwi, only 48%, while the share of purchase orders increased from 51 to 52%.
© Dukascopy Bank SA

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