Dukascopy - Analytics

    Dukascopy

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    NZD/USD on the verge of breaking the up-trend

    © Dukascopy Bank SA
    "Two-year ahead inflation expectations aren't a data point that moves many currencies, but the New Zealand release has taken off most of a percent from the Kiwi dollar. Not a big data point and a bigger reaction than I'd have expected, but a catalyst for a move we think has further to go over time." 
    - Kit Juckes, Sociiete Generale SA (based on Bloomberg)

    Pair's Outlook 
    The New Zealand Dollar found support at the cluster around 0.6550, thus, preserving the up-trend. From the technical point of view, the NZD/USD currency pair should rebound and return above the 0.66 level. The pair is supported by the weekly S1, the monthly PP, the 20-day SMA and the up-trend, but technical indicators are emitting mixed signals. Consequently, risks of the bullish trend being broken persist, while impetus for those risks might be provided by strong US fundamentals later today. 

    Traders' Sentiment 
    Market sentiment shifted to the bearish side, as 52% of all open positions are currently short (previously 45%). At the same time, the number of sell orders added 19% points, rising up a total of 77%.
    © Dukascopy Bank SA

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