Dukascopy - Analytics

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    0.66 cluster unable to hold NZD/USD from falling

    © Dukascopy Bank SA
    "We're in a very broad-based sell-off. Investors are selling first and asking questions later."
    - Sarhan Capital (based on WBP Online) 

    Pair's Outlook 
    As was anticipated, the NZD/USD currency pair ended trade within the borders of the 55 and the 100-day SMAs yesterday. However, with risk-off sentiment driving the prices today, the Kiwi is expected to pierce the closest support, namely the 100-day SMA and the weekly PP. As a result, a close beyond the 0.66 psychological level is not out of the question, but the second level to prevent heavier losses is located at 0.6552 in face of the monthly PP. Technical indicators, on the other hand, imply the NZD could surge higher, but no catalyst is present to trigger a recovery from the intraday loss. 

    Traders' Sentiment 
    Market sentiment reached a perfect equilibrium today, whereas the portion of orders to acquire the NZ Dollar increased from 57 to 61%.
    © Dukascopy Bank SA

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