Dukascopy - Analytics


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    NZD/USD rises on oil surge

    © Dukascopy Bank SA
    "We are seeing stability in sentiment which has been the primary driver of the foreign-exchange market. That has given well-oversold commodity currencies room to recover. However, we don't expect this bullish momentum to be extensive."
    - Swissquote Bank SA (based on Bloomberg)

    Pair's Outlook 
    The Kiwi outperformed the US Dollar yesterday, not only breaching the immediate resistance, but also putting the second target, namely the weekly PP, to the test. The same pivot point at 0.6476 now acts as the nearest resistance, whereas the role of the monthly S2 changed to being a support. The NZD/USD could remain caged between these two levels, but being a commodity-based currency, the pair could end the day above the 0.65 level, following a spike in oil futures. Nonetheless, after the NZ CPI data is out the NZ currency might erase all gains and close lower, as technical studies suggest. 

    Traders' Sentiment 
    The share of long positions takes up 69% of the market (previously 62%). Meanwhile, the portion of sell orders spiked from 57 to 70%.
    © Dukascopy Bank SA

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