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    NZD/USD takes opportunity to rise after channel breakout

    © Dukascopy Bank SA
    "Players remain cautious ahead of the Fed meeting -- they want to see its statement before taking positions." 
    - Bank of Tokyo-Mitsubishi (based on Business Recorder) 

    Pair's Outlook 
    The New Zealand Dollar managed to break out of the descending channel, as a rally occurred yesterday. Gains were only limited by the third resistance level, namely the 20-day SMA, which is expected to be pierced today. As a result, the new target is now the weekly R1 at 0.6680, despite that technical indicators are showing mixed signs in the daily and weekly timeframes. However, worse-than-expected US fundamentals might even push the NZD/USD towards the 0.67 major level, leaving the door open for July 2010 low to be retaken. 

    Traders' Sentiment 
    Slightly more traders now have a positive outlook towards the Kiwi, namely 42% of them (previously 40%). Meanwhile, there are also more orders to acquire the NZ Dollar, 32% to be exact, up from 17%.
    © Dukascopy Bank SA

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