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    NZD/USD to erase Tuesday's losses

    © Dukascopy Bank SA
    "Heightened financial market volatility due to weakness in the Asian region will continue to provide a negative backdrop for the New Zealand dollar." 
    - ANZ Bank New Zealand (based on The New Zealand Herald) 


    Pair's Outlook 
    The Kiwi tested the resistance cluster around 0.6380, represented by the weekly and monthly PPs yesterday, which caused the NZD/USD to extend its decline. Nevertheless, the 0.63 major level was not reached, as the Bollinger band slowed down the fall and appears to have provided sufficient support today to trigger a rebound. Immediate resistance remains at 0.6380, limiting the volatility to the upside; however, Tuesday's losses are still likely to be negated, amid a broadly weaker US Dollar today. 

    Traders' Sentiment 

    Bulls are outnumbering the bears once again, as 57% of all positions are now long, compared to 25% previously. Meanwhile, the percentage of orders to sell the Kiwi increased from 54 to 60%.
    © Dukascopy Bank SA

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