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    NZD/USD hits new eight-week low

    © Dukascopy Bank SA
    "Oil is going into negative territory and I think we will see that accelerate. That will just add fuel to the fire to sell off the commodity currencies. The sell-off in the latter part of the US session has really put the pressure on the kiwi." 
    - OMF (based on The New Zealand Herald) 


    Pair's Outlook 
    The NZ Dollar ended the day in the red zone with a 22-pip loss yesterday. The Kiwi's performance on Thursday has been grim so far, as it suffered from a fall in oil prices and the weakness in the Asian equity market. Volatility extended beyond the Nov 2015 low, but the NZD/USD is to stabilise above that level, namely in front of the immediate support cluster, which is represented by the Bollinger band, the monthly S2 and the weekly S1 around 0.6450. The next obstacle to limit the dips rests circa 0.6330, a breach of which is to trigger a slump towards the 2015 low of 0.6234 in the long run. 

    Traders' Sentiment 

    There are now 73% of traders being long the Kiwi, compared to 74% yesterday. The number of buy orders inched up from 39 to 48%.
    © Dukascopy Bank SA

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