Dukascopy - Analytics

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    NZD/USD surges beyond 0.67

    © Dukascopy Bank SA
    "While we continue to hold a bearish NZD view, the recent price action is not supportive of our view and the odds for a move to our 0.6470 target appears to be rather slim." 
    - UOB Group (based on FXStreet) 

    Pair's Outlook 
    The New Zealand Dollar too was able to almost completely recover from its intraday losses and end the day with a 12-pip loss. The Kiwi is supported by a rather strong cluster, which consists of the weekly PP, the bullish trend-line, the 20, 55 and 100-day SMAs around 0.6620. At the same time, the 200-day SMA is the closest level to limit the surge, while the weekly R1 and the down-trend should contain possible volatility below 0.67. Nonetheless, this week the NZD/USD is expected to breach either trend-line of its triangle pattern, as the exchange rate closes in on the pattern's apex. 

    Traders' Sentiment 
    Market sentiment reached a perfect equilibrium, but there are 67% of all pending orders to sell the NZ Dollar (previously 49%).
    © Dukascopy Bank SA

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