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    NZD/USD in tight range between 0.65 and 0.6580

    © Dukascopy Bank SA
    "The downbeat feel to the start of the year continued, with commodities printing fresh lows, China intervening in the market, and any bounce in US equities lacking conviction, risks remain to the downside for the New Zealand dollar."
    - ANZ Bank New Zealand (based on The New Zealand Herald) 


    Pair's Outlook 
    The New Zealand Dollar behaved according to the forecast, as it weakened against its US counterpart yesterday, but with trade closing above the 0.65 level. The trading range barely changed today, as the 100-day SMA keeps providing resistance at 0.6581. The nearest support, however, shifted closed to the 0.65 level, still represented by the Bollinger band. Neither of these levels is expected to be pierced today, but technical studies insist the NZD/USD is to inch lower again, despite earlier-gained strength. 

    Traders' Sentiment 
    Nearly three quarters (74%) of all open positions are long today (previously 71%). The portion of sell orders lost seven percentage points over the day. The commands now take up 61% of the market.
    © Dukascopy Bank SA

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