Dukascopy - Analytics

    Dukascopy

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    NZD/USD attempts to edge higher

    © 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 
    The NZD/USD currency pair's slump on Friday caused the ascending channel pattern to be preserved, with its resistance line remaining intact. The Kiwi edged more than 50 pips lower, falling back under the 0.71 psychological level. Nevertheless, the 0.70 mark is likely to hold for now, with the weekly PP being the closest support and the monthly R1 located slightly under that major level, namely at 0.6987. According to technical indicators, on the other hand, the New Zealand Dollar is to advance today, due to the Buck having no impetus that could provide a boost, thus, oil prices remain the main driver of the given pair. 

    Traders' Sentiment 
    Traders' sentiment remains bearish, with 59% of all open positions being short (previously 60%). The share of orders to purchase the NZ Dollar remains unchanged at 55%.
    © Dukascopy Bank SA

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