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    NZD/USD extends its bullish trend

    © Dukascopy Bank SA
    "Under normal circumstances, the Fed should go ahead with monetary tightening." 
    - Citigroup Global Markets (based on Market Watch) 


    Pair's Outlook
    Even though the Kiwi's volatility reached as high as 0.6450, the NZD/USD remained relatively unchanged over the day. The New Zealand Dollar remains stuck between two clusters, with the 20-day SMA, weekly and monthly PPs supporting the currency pair from below, and the weekly R1 and the Bollinger band forming a resistance around 0.6435. A rally is expected, but it should not exceed the 55-day SMA today, while a close around 0.6440 is the most probably outcome. 

    Traders' Sentiment 
    Although not as strong as yesterday, traders' sentiment remains bearish, with 68% of all positions being long. Sell orders also account for the largest part of the market, namely 67%.
    © Dukascopy Bank SA

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