Dukascopy - Analytics

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    NZD/USD retests the support line

    © Dukascopy Bank SA
    "The increase in oil inventories completely changed the market's mood. Oil remains the main market driver." 
    - Mizuho Bank (based on Business Recorder) 


    Pair's Outlook 
    The Kiwi/Dollar currency pair experienced mild volatility on Thursday, eventually ending the day higher, just on top of the nearest resistance cluster. Commodities keep driving the NZ Dollar lower, along with the return of the risk-off sentiment. Demand around the nearest support levels is insufficient to cause the pair to rebound on its own, additional impetus is required for that. Although technical studies insist the pair is to reach the 200-day SMA at 0.6667, the bearish outcome is more probably, with the up-trend and the 20-day SMA limiting the losses. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 54%. The share of buy orders dropped from 60 to 51%.
    © Dukascopy Bank SA

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