Dukascopy - Analytics


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    NZD/USD preserves bearish momentum

    © Dukascopy Bank SA
    "The US dollar fell sharply after the release of US labour market data, allowing the NZD/USD to regain some composure. This will allow the US Fed some breathing space, but does not necessarily preclude a September rate hike." 
    - Bank of New Zealand (based on The New Zealand Herald) 

    Pair's Outlook 
    As expected, the New Zealand Dollar remained relatively unchanged against the Greenback, adding only nine pips. The NZD/USD closed trade at 0.6720, rather than at 0.6730; however, leaving room for more weakness today. Yesterday's gains are likely to be erased, but losses should also be limited around 0.67, as the weekly S2 is bolstering that psychological level. Furthermore, the lower Bollinger band is to provide additional support around 0.6690, in case the Kiwi manages to pierce the weekly S2. Meanwhile, technical studies keep showing mixed signals, unable to confirm the scenario. 

    Traders' Sentiment 
    The share of long positions now accounts for only 56% of the market, while 63% of orders are to purchase the Kiwi today.
    © Dukascopy Bank SA

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