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NZD/USD extends consolidation around multi-year lows

© Dukascopy Bank SA
"The focus this week remains firmly on (the) US dollar. All the releases this week are expected to support a September ‘lift-off." 
- ANZ (based on WBP Online) 

Pair's Outlook 
The NZD/USD currency pair declined last Friday, but not as much as anticipated. The immediate support cluster was not reached, as the Kiwi closed at 0.6532, building ground for a rebound today. However, technical indicators are retain their bearish signals, suggesting the risks of falling deeper down persist. Furthermore, the resistance at 0.6552, namely the weekly PP, could potentially turn the given pair around and cause a decline all the way to 0.65 level, which is also bolstered by the lower Bollinger band. 

Traders' Sentiment 
Market sentiment slightly improved, but remains bearish at 57%. The portion of orders to acquire the Kiwi lost three percentage points; the commands now take up only 36% of the market.
© Dukascopy Bank SA


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