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    NZD/USD puts 0.68 to the test

    © Dukascopy Bank SA
    "The market is moving closer to pricing in more rate cuts from the RBNZ." 
    - OMF (based on The New Zealand Herald) 


    Pair's Outlook 
    On Thursday the NZD/USD currency pair remained relatively unchanged, as the nearest resistance cluster caused the Kiwi to trim almost all gains. The NZ Dollar now risks prolonging its decline, as the breach of the ascending channel's lower border set the Kiwi on a bearish path, with the only strong support area located around the 0.68 major level, represented by the monthly S1, the 55-day SMA and the Bollinger band. Before reaching this potential demand area, the NZD is first required to breach the immediate support in face of the weekly S1, located at 0.6856. 

    Traders' Sentiment 
    For the third consecutive day bullish traders' sentiment remains unchanged at 51%. There are 56% of all pending orders to acquire the New Zealand Dollar today (previously 44%).
    © Dukascopy Bank SA

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