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    NZD/USD unable to burst through 0.68

    © Dukascopy Bank SA
    "The current [NZD/USD] movement is likely part of a consolidation phase (before moving higher at a later stage) and sideway trading is expected for today, likely between 0.6745 and 0.6825." 
    - UOB Group (based on FXStreet) 

    Pair's Outlook 
    The New Zealand Dollar ended the day in the green zone against the US Dollar, as a rebound in oil prices strengthened the commodity currency. However, the NZD/USD currency pair is having trouble maintaining trade above the 0.68 major level. The Bollinger band is now bolstering this psychological resistance, thus, the bearish momentum is likely to prevail. The area to limit the losses is located at 0.6759/0.6731, represented by the monthly R1 and the weekly PP. Nevertheless, the Kiwi will doubtfully get sufficient impetus to break this support today.  

    Traders' Sentiment 
    Bulls and bears broke out of the equilibrium today, as 53% of all open positions are short and the remaining 47% - long. The share of purchase orders also declined, losing five percentage points. The orders now take up 60% of the market.
    © Dukascopy Bank SA

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