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    NZD/USD trades in limbo

    © Dukascopy Bank SA
    "There is little on the horizon at present to suggest any meaningful turnaround in prices over coming months. The risk is we see more, rather than less, OCR cuts."
    - ANZ Bank New Zealand (based on The New Zealand Herald) 


    Pair's Outlook 
    Yesterday the NZD/USD currency pair suffered more losses. The Kiwi pierced the immediate support and kept falling down until it encountered the Bollinger band, which in turn forced the pair to stablilise at 0.6711. Furthermore, today the NZ Dollar is expected to remain flat, with a slight shift in either direction. The Bollinger band and weekly S2 keep providing support for the New Zealand Dollar, thus, a small hike not further than 0.6730 is the likely outcome. Moreover, technical indicators are now showing mixed signals, bolstering the given scenario. 

    Traders' Sentiment 
    More traders have a bullish outlook towards the Kiwi today, namely 70%, while the share of purchase orders edged up from 64 to 65%.
    © Dukascopy Bank SA

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