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    NZD/USD to slide down for the fourth consecutive day

    © Dukascopy Bank SA
    "With prices still below what is needed for full year forecasts to be met, the downside risks for NZD again opened up. But if predictions of an El Nino event come into fruition, prices could move up sharply in the New Zealand summer months." 
    - ANZ Bank New Zealand (based on The New Zealand Herald) 


    Pair's Outlook
    In spite of several signs pointing to a rally, the NZD/USD currency pair weakened on Tuesday, making it a third slump in a row. The three-month support trend-line was broken before reaching the anticipated 0.70 level. The Kiwi remains subject to downside risks, with the monthly R3 acting as the nearest support today. However, a much strong cluster rests around the 0.66 psychological level, but technical indicators imply that this area will not be reached. The end-case, nonetheless, remains a fall towards 0.67 dollars. 

    Traders' Sentiment 
    Bears lost some numbers, as 63% of all positions are now short, compared to 70% yesterday. Meanwhile, buy orders are barely outnumbering the sell ones, taking up 51% of the market.
    © Dukascopy Bank SA

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