Dukascopy - Analytics

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    NZD/USD consolidates in a triangle

    © Dukascopy Bank SA
    "A further depreciation in the exchange rate is appropriate given the ongoing weakness in export prices."
    - Graeme Wheeler, RBNZ Governor (based on Bloomberg)

    Pair's Outlook
    The New Zealand Dollar keeps consolidating, as it appears to have insufficient strength to break through the 0.64 level. Nevertheless, the indicators are mostly pointing south, and the spot is still below a great number of resistances, meaning that eventually the sellers are likely to come back and push the price lower. The immediate resistance is at 0.66 (100-day SMA), while the key level is at 0.6750 (down-trend and 200-day SMA). Meanwhile, the multi-week target is the 2015 low at 0.6230.

    Traders' Sentiment
    The amount of bulls inched higher, now they take up 62% of the market. The number of orders to buy the Kiwi grew as well, from 46% recorded yesterday to 56%.

    © Dukascopy Bank SA

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