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    NZD/USD attempts to break out of the descending channel

    © Dukascopy Bank SA
    "The NZ dollar has declined significantly since April and, along with lower interest rates, has led to an easing in monetary conditions. While the currency depreciation will provide support to the export sector and import competing sectors, further depreciation is necessary given the weakness in export commodity prices." 
    - Graeme Wheeler, RBNZ (based on WBP Online)

    Pair's Outlook 
    Although the Kiwi reached a five year low yesterday, the NZD/USD still closed trade at 0.6617, thus, remaining relatively unchanged. Right now the NZ Dollar is seen appreciating against the Greenback, leaving the channel borders. Even though the given currency pair could preserve its bullish momentum today, the technical studies suggest otherwise. Furthermore, the resistance trend-line of the pattern might still push the New Zealand currency back down, especially after the NZ fundamental data is released near the end of the day. 

    Traders' Sentiment
    Both net orders and net positions improved. There are now 49% of long positions, while the number of buy orders increased to 37%.
    © Dukascopy Bank SA

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