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NZD/USD poised to reach 0.67

© Dukascopy Bank SA
"We'd suggest that the reaction in currencies should be framed in the context of a market that is strategically long US dollar on a Fed rates views, but where conviction is weakening." 
- Bank of New Zealand (based on The New Zealand Herald) 


Pair's Outlook 
The Kiwi extended its gains against the Greenback yesterday, crossing the 0.66 major level. Although the pair reached the target resistance area, trade still closed below at 0.6624. The New Zealand Dollar is expected to outperform its US counterpart for the fifth consecutive day and reach a fresh three-week high. A tough resistance cluster around 0.6650is the only obstacle on the NZD/USD's path, which might prevent the pair from reaching the 0.67 psychological level. 

Traders' Sentiment 
Bearish traders' sentiment remains unchanged at 57%, whereas the number of orders to purchase the NZ Dollar lost three percentage points. Sell commands now take up 71% of the market.
© Dukascopy Bank SA


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