Dukascopy - Analytics

    Dukascopy

    485.50 6.00/10
    83% of positive reviews
    Real

    NZD/USD muted between weekly S2 and monthly S1

    © Dukascopy Bank SA
    "At the margin these [export commodity auction] results add weight to our central view of a further RBNZ rate cut at its 10 December meeting. At the least, they are consistent with the Bank's current easing bias." 
    - BNZ (based on WBP Online) 


    Pair's Outlook 
    The New Zealand Dollar's fall was stopped by the immediate support, causing the NZD/USD to close trade at 0.6468 yesterday. Even though the Kiwi is making attempts to regain the bullish momentum, the weekly S1 is limiting upside volatility, preventing the pair from overcoming the major level of 0.65. Meanwhile, technical indicators are still pointing south-ish, implying that the NZD might breach the weekly S2 and find support only near 0.64, where the weekly S3 coincides with the lower Bollinger band. 

    Traders' Sentiment 

    Market sentiment slightly weakened, but remains bullish at 53% (previously 55%). At the same time, the number of orders to sell the Kiwi added 12 more percentage points, up to a total of 63% today.
    © Dukascopy Bank SA

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