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    NZD/USD reaches seven-week high

    © Dukascopy Bank SA
    "We expect the New Zealand dollar to become more sensitive to local data outturns over the coming months."
    - ANZ Bank New Zealand (based on The New Zealand Herald) 


    Pair's Outlook 
    Amid a much better-than-anticipated reading of the New Zealand Trade Balance, the NZD/USD currency pair overperformed and breached the 1.5-year resistance line. The pair retained some of that strength today as well, but at the moment of writing retreated from the daily high of 0.6775. The Kiwi still faces a substantial resistance area around 0.6750, formed by the weekly R2, the monthly R1 and the Bollinger band. A corrective decline is also possible, but will doubtfully exceed the weekly R1 at 0.6688. Technical studies, on the other hand, imply that the NZ Dollar is to trade flat against the Buck. 

    Traders' Sentiment 
    Bears are now outnumbering the bulls by 4% points, whereas the portion of orders to buy the New Zealand Dollar slid from 61 to 35%.
    © Dukascopy Bank SA

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