Dukascopy - Analytics

    Dukascopy

    472.25 6.25/10
    83% of positive reviews
    Real

    NZD/USD rises; another setback for the bearish trend

    © Dukascopy Bank SA
    "We really do think that there is no way they [RBNZ] will go 50 [interest rate basis points cut]. That would be quite panicking and they have only ever done it in emergency settings before and this is not an emergency, it's just one part of the New Zealand economy struggling."
    - ASB (based on The New Zealand Herald)

    Pair's Outlook 
    On Monday, the New Zealand Dollar outperformed its US counterpart, as it advanced 64 pips against it. As a result, the 2010 low was breached and the resistance around 0.6695 was tested. The weekly PP at 0.6588 is expected to be pierced this time and possibly even the monthly S1 at 0.6608 if the 0.66 obstacle does not prevent the rally. Furthermore, if the NZD/USD manages to stabilise above 0.6608 then the resistance trend-line of the channel pattern could cause the pair to bounce back if reached. 

    Traders' Sentiment 
    Slightly less traders have a positive outlook towards the Kiwi today, namely 59% of them. At the same time, there are now 27% of orders to buy the NZ Dollar, compared to 24% previously.
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree