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    NZD/USD on the verge of breaking the up-trend

    © Dukascopy Bank SA
    "More and more, we see a certain level of discomfort among the Fed regarding the strength of the dollar."
    - Toronto-Dominion Bank (based on Bloomberg) 


    Pair's Outlook 
    The New Zealand Dollar dropped down to the immediate cluster's lowest level, namely the up-trend, but with the pair stabilising right on top of the monthly S1 at 0.6635. Today, however, the up-trend is only bolstered by the monthly S1 and the Bollinger band, meaning it might not withstand the selling pressure. As a result, a breach of the up-trend is imminent, with the next level to limit the losses located at 0.6581, represented by the 100-day SMA. Nonetheless, the major level of 0.66 could also provide support and prevent the second target from getting reached. 

    Traders' Sentiment 
    Exactly three quarters (75%) of all open positions are now long, while the percentage of buy orders inched up from 50 to 57%.
    © Dukascopy Bank SA

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