Dukascopy - Analytics


    472.25 6.25/10
    83% of positive reviews

    NZD/USD regains losses on Wednesday

    © Dukascopy Bank SA
    "Like Australia, the issue in New Zealand is not growth, but weak inflation. Weak wage growth and low inflation expectations are delivering weak inflation despite solid economic growth." 
    - Commonwealth Bank of Australia (based on Bloomberg) 

    Pair's Outlook 
    The New Zealand Dollar depreciated against the US Dollar at the start of the week to the level of 0.6995. At that level, the currency exchange rate came close to the support provided by the monthly R1, and the Kiwi did not fell below it against the Greenback. Instead the pair rebounded and even broke the resistance put up by the weekly PP at 0.7033. At the moment the rate is fluctuating just above the weekly PP at the level of 0.7045. In the meantime, the exchange rate has been in a channel up pattern since start of July 2015, and it is close to reaching the pattern's upper trend line at 0.7117, as there are no more resistances on the way up. 

    Traders' Sentiment 
    SWFX traders are bearish on the pair, as 54% of them hold short positions. Pending orders in the 100-pip range are 59% to sell the NZD.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree