Dukascopy - Analytics

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    NZD/USD to break out of the 55 and 100-day SMAs' shackles

    © Dukascopy Bank SA
    "U.S. data this month has been weak and Fed officials appear to be toning down on rate hikes."
    - Barclays (based on CNBC) 


    Pair's Outlook 
    The New Zealand currency experienced rather serious volatility on Tuesday, but ended the day relatively unchanged—in between the 55 and the 100-day SMAs. Daily technical indicators insist the Kiwi is to extend its rally today and breach the immediate resistance, namely the 55-day SMA, while the second strong resistance rests around 0.70. Risks of the NZD/USD plunging persist, which could result in bearish reaction down to the monthly pivot point at 0.6552. In either case volatility should be contained by the resistance and the support trend-line, as their intersection point lies further ahead. 

    Traders' Sentiment 
    Today 51% of all open positions are long (previously 50%), but the number of purchase orders remains unchanged at 61%.
    © Dukascopy Bank SA

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