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    Dukascopy

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    NZD/USD drops to a fresh four-month low

    © Dukascopy Bank SA
    "Oil started to weaken again and that - since we're all focused on oil these days - was a key driver." 
    - Merk Hard Currency Fund (based on CNBC) 

    Pair's Outlook 
    As was previously mentioned, the Kiwi erased all gains on Tuesday and leveled with Monday's opening price after the NZ CPI data disappointed. The New Zealand currency is likely to suffer more losses today, as being a commodity-based currency, it is driven by oil prices. The closest support lies at 0.6363 in face of the weekly S1, whereas a stronger cluster is located around 0.6315, represented by the monthly S3 and the Bollinger band. Nevertheless, the exchange rate will doubtfully fall that low, as there is no sufficient impetus for such a strong movement. 

    Traders' Sentiment 
    Today 67% of all open positions are long (previously 69%), while nearly three quarters (74%) of all orders are to sell the Kiwi.
    © Dukascopy Bank SA

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