Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    NZD/USD oscillates between trend-lines

    © Dukascopy Bank SA
    "There are question marks about the US dollar, that is pushing kiwi/US up, there's also question marks about global risk, that's pushing kiwi down, so it's roughly locked in place at the moment until any one of those things changes." 
    - Westpac (based on The New Zealand Herald) 

    Pair's Outlook 
    As was anticipated, the NZD/USD pair broke out of its trading range yesterday and put the second resistance area to the test. However, today this resistance failed to contain the volatility, allowing the rally to reach the resistance trend-line. Nevertheless, downside pressure was also strong, as the daily low was at 0.6585 dollars. Even if bulls push the Kiwi higher, the down-trend is likely to hold, as it kept the pair on the slide for two years now; and technical studies do suggest a surge towards it is possible. In case if the bears prevail, losses are unlikely to extend below 55 and 100-day SMAs.

    Traders' Sentiment 
    Slightly more traders now have a positive outlook towards the New Zealand Dollar, namely 56% (previously 51%.).
    © Dukascopy Bank SA

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