Dukascopy - Analytics

    Dukascopy

    472.75 6.00/10
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    NZD/USD risks remaining under 0.67

    © Dukascopy Bank SA
    "However, with the risk of a global economic downturn fading and that commodity prices have bottomed, we look for NZD/USD to hold on to recent gains." 
    - Danske Bank (based on FXStreet)


    Pair's Outlook
    In spite of experiencing some volatility on Thursday, the Kiwi still remained almost completely unchanged against the Buck. However, the NZD/USD pair did inch a few pips lower, causing the pair to stabilise under the 0.67 major level. The pair is likely to suffer another decline, as the given psychological level is no longer providing support. Furthermore, the 20-day SMA keeps weighing on the pair around 0.6713. Meanwhile, the closest support is still located just above the 0.66 major level and is bolstered by a number of other important supports, leaving sufficient room for an eventual 60-pip decline. 

    Traders' Sentiment
    Market sentiment for the third consecutive day remains unchanged, with long positions taking up 51% of the market. At the same time, the portion of buy orders increased from 52 to 68%.
    © Dukascopy Bank SA

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