Dukascopy - Analytics


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    NZD/USD bounces back from channel's trend-line

    © Dukascopy Bank SA
    "Overall, the outlook for NZD is deemed as bullish until the current stop-loss is taken out (adjusted higher to 0.7030 from 0.6860)." 
    - UOB (based on FXStreet) 

    Pair's Outlook 
    Despite the New Zealand Dollar opening with a bullish gap on Thursday, it was unable to climb significantly higher against the US Dollar, also unable to pierce the ascending channel's resistance line. As a result, the NZD/USD currency pair is expected to preserve the pattern today, therefore, undergo a corrective decline. However, below the Kiwi is supported by a cluster, formed by the weekly R1 and the Bollinger band, which could limit the intraday losses at 0.7088/57. From here on further the pair is likely to begin declining, until the channel's lower boundary is reached again around the 0.66 mark. 

    Traders' Sentiment 
    There are 60% of traders now being short the Kiwi, compared to 59% on Thursday. At the same time, the portion of orders to buy the New Zealand currency increased from 52 to 55%.
    © Dukascopy Bank SA

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