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    NZD/USD in limbo around 0.68

    © Dukascopy Bank SA
    "In the absence of a clear steer from data, we're relatively neutral on currency direction this week, though biased toward further USD gains and some NZD underperformance." 
    - BNZ Market (based on WBP Online) 


    Pair's Outlook 
    The New Zealand Dollar almost erased last Thursday's losses on Friday, but the immediate support kept the NZD/USD at bay. Unlike other commodity currencies, the Kiwi appears to be completely ignoring the Chinese GDP data, as the exchange rate remains relatively flat. The NZ Dollar is now supported by the weekly PP at 0.6771 and the up-trend is still intact. Moreover, technical indicators are now giving distinctly bullish signals, suggesting the given pair is to prolong its rally today and attempt to reach the 0.69 major level; however due to lack of market movers the Kiwi might remain flat. 

    Traders' Sentiment 
    Only 30% of all positions are long and the remaining 70% are short, whereas the share of buy commands dropped from 59 to 53%.
    © Dukascopy Bank SA

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