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    NZD/USD unable to maintain trade above 0.67

    © Dukascopy Bank SA
    "The RBNZ is still clearly jawboning the currency lower, and thus we might expect a relatively limited further bounce in the NZD."
    - RBS (based on CNBC) 


    Pair's Outlook 
    The NZ Dollar overperformed, as yesterday's growth exceeded the forecasted target of 0.6680, namely the weekly R1. Ultimately, the Kiwi settled above the 0.67 major level, but remained subject to weakness. The US Dollar is expected to exploit that weakness and push the New Zealand currency back down. The weekly R1 now acts as an immediate support, but a decline towards the 20-day SMA is more likely. Furthermore, we should not rule out the possibility of the NZD/USD slumping even towards the 0.66 psychological level. 

    Traders' Sentiment
    Market sentiment weakened substantially, as 71% of traders are now short the Kiwi. At the same time, the buy and sell order ratio is equal to one.
    © Dukascopy Bank SA

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