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    NZD/USD steps back from monthly pivot point

    © Dukascopy Bank SA
    "Where oil leads, everything else tends to follow nowadays."
    - RBC Capital Markets (based on MarketWatch)

    Pair's Outlook
    NZD/USD trades within a correctional bullish channel after falling sharply during the Dec 29-Jan 14 period. Considering that the near-term technical indicators are either mixed or neutral, the Kiwi might move a little higher from here before resuming its descent, potentially up to 66 cents. Rallies during the next several days are to be capped by the monthly PP and the upper boundary of the channel at 0.6550, while from below the pair is underpinned by the rising trend-line at 0.6450.

    Traders' Sentiment
    The SWFX market remains bullish on the Kiwi—60% of open positions are long. Meanwhile, there was a notable increase in the share of buy orders, namely from 49 to 62%.

    © Dukascopy Bank SA

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