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    NZD/USD approaches triangle's apex

    © Dukascopy Bank SA
    "It seems that oil prices continue to influence other financial markets, with their decline and recovery a key driver of equity market and currency gyrations." 
    - BNZ (based on WBP Online) 

    Pair's Outlook 
    The New Zealand Dollar closed trade with a 17-pip rally against its US counterpart on Wednesday, leaving the up-trend intact. The main reason of the positive outcome in the NZD/USD performance yesterday was s rather sharp rebound in oil prices, also leaving the Kiwi stronger today. The pair is now likely to put the immediate resistance, namely the weekly R1 and the down-trend around 0.6695, to the test. Technical studies are also in favour of the bullish scenario; meanwhile, a tough cluster is supporting the commodity currency from below around 0.6640.

    Traders' Sentiment 
    Market sentiment remains equally divided between bull and bears, while the number of purchase orders added 13% points, up to 61%.
    © Dukascopy Bank SA

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