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    NZD/USD in tight range between 55 and 100-day SMAs

    © Dukascopy Bank SA
    "What we're seeing clearly is a clearout of all the US dollar bulls. It has been a painful few days for people holding on to US dollar long positions." 
    - NZ Forex (based on The New Zealand Herald) 


    Pair's Outlook 
    Friday's bounce off of the resistance line most likely sent the NZD/USD currency pair on a bearish route. However, this path should end within one or two extra days of declines, as the pair would then reach the support line between 0.65 and 0.6550. According to technical studies, a sell-off is uncertain, as they are giving mixed signals in the daily and the weekly timeframes. The 100-day SMA and the weekly PP also form a cluster just above 0.66, where demand appears to be strong. At the same time, the 55-day SMA at 0.6631 is prevent the Kiwi from posting significant gains. 

    Traders' Sentiment 
    Market sentiment got closer to equilibrium, but bears are still outnumbering the bulls by four percentage points.
    © Dukascopy Bank SA

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