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NZD/USD to begin crawling out of the pit

© Dukascopy Bank SA
"Markets are busy re-pricing Fed expectations, a process that is supporting USD and sending NZD/USD to a new cycle low." 
- ANZ Bank New Zealand (based on The New Zealand Herald) 

Pair's Outlook 

The Kiwi kept sliding down for the seventh day in a row yesterday, but the tide is about to turn. On Wednesday, the technical indicators were giving bullish signals, although the NZD/USD lacked the strength to regain the bullish momentum; however, the pace of decline did slow down. Bullish technical today suggest the NZ Dollar is likely to rebound, although the closest resistance lies out of reach. As a result, the New Zealand currency should only have enough strength to negate yesterday's losses. 

Traders' Sentiment 
Bearish traders' sentiment remains unchanged at 43%. At the same time, the number of orders to sell the Kiwi lost four percentage points. The commands now account for 70% of the market.
© Dukascopy Bank SA

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