Dukascopy - Analytics


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    NZD/USD to bounce back at week's end

    © Dukascopy Bank SA
    "That's pretty disastrous, because it's the lifeblood of New Zealand, so if their main export is falling in value, that's going to have a direct impact on GDP as well as the incomes of farmers, so the currency trouble, and everyone thinks the Reserve Bank is going to respond with a rate cut next week." 
    - BK Asset Management (based on CNBC)

    Pair's Outlook 
    On Thursday, the NZ Dollar sustained another loss, which stretched out slightly beyond the 0.65 major level. Nevertheless, NZD/USD pair still settled at 0.6520, with signs of hope for a rebound. Even though the technical studies have buy and sell signals in an equilibrium, there is no clear indication of what is going to happen with the Kiwi. However, the New Zealand Dollar is still expected to surge, but not as far as 0.6555, due to the weekly S2 and 2010 low blocking the patch.

    Traders' Sentiment 
    Market sentiment slightly improved, as 60% of traders now hold long positions (previously 59%). Meanwhile, the portion of orders to buy the Kiwi edged down from 45 to 28%.
    © Dukascopy Bank SA

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