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    NZD/USD to bounce back from the monthly PP

    © Dukascopy Bank SA
    "A lot of the kiwi's fall was front-loading potential near-term falls in the renminbi. Because that renminbi situation has been reversed, the kiwi has had to unwind a lot of that front-loading." 
    - Bancorp Treasury Services (based on The New Zealand Herald) 


    Pair's Outlook 
    The NZD/USD currency pair experienced substantial volatility yesterday, but still managed to edge higher. Although the Kiwi overperformed and pierced the 0.66 major level, Tuesday's losses were not erased completely. The monthly PP was tested once more, thus, it is expected to cause the NZ Dollar to bounce back today, as the given PP prevented the pair from climbing higher since the beginning of the month. The potential close target is located around the weekly PP, while the 0.6550 level is more appealing. 

    Traders' Sentiment 
    Traders regained the positive outlook towards the Kiwi, as 55% of all positions are long today. Meanwhile, the portion of purchase orders also improved, rising from 23 to 63%.
    © Dukascopy Bank SA

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