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    NZD/USD recovers from five-year low

    © Dukascopy Bank SA
    "New Zealand dollar does seem due for a period of consolidation, but we would not bank on a material rally, with the fundamental outlook over the near-term rather grim."
    - Bank of New Zealand (based on The New Zealand Herald)


    Pair's Outlook 
    At the end of the previous week, the New Zealand Dollar remained relatively unchanged against its US counterpart, instead of appreciating. Today the NZD/USD pair is expected to rise, despite that technical indicators keep emitting mixed signals, unable to underpin the scenario. The Kiwi should retake the 2010 low at 0.6559, while the cluster around 0.6595 provides a more solid resistance. Nevertheless, the upper border of the channel pattern is yet to be reached, thus, the current growth is not likely to last.

    Traders' Sentiment 
    Today 62% of all positions are long, compared to 60% on Friday, whereas the share of purchase orders lost four more percentage points. The commands now take up only 24% of the market.
    © Dukascopy Bank SA

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