Dukascopy - Analytics


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NZD/USD risks edging lower to 0.66

© Dukascopy Bank SA
"The New Zealand dollar is likely to remain under downward pressure during the local session, with risks to the Q3 labour market report skewed to the downside." 
- ANZ Bank New Zealand (based on The New Zealand Herald) 

Pair's Outlook 
The New Zealand currency suffered rather heavy losses against the US Dollar, amid a poor reading of the New Zealand Employment Change. As a result, the NZD/USD dropped towards the third support, namely the weekly S1, thus, preserving the bearish trend. Even though there is room for a rally back to the 20-day SMA and weekly PP cluster, which are bolstering the resistance trend-line, technical indicators keep suggesting the Kiwi is to weaken again. A close around 0.66, just between the Bollinger band and the 100-day SMA, is the most probably outcome today.

Traders' Sentiment 
There are now 56% of traders holding long positions (previously 42%). The share of buy orders returned to its Monday's level of 38%.
© Dukascopy Bank SA

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