Dukascopy - Analytics

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    NZD/USD breaks trend line at 0.7130

    © Dukascopy Bank SA
    "It's really hard to see the kiwi break out of the US69.50c to US71.50c range ahead of Brexit."
    - ASB Institutional (based on Investing.com) 


    Pair's Outlook 
    The Kiwi is in the middle of its fifth consecutive trading session in the green zone against the US Dollar, as the currency exchange rate broke through the channel up patterns upper trend line at 0.7130. At the moment, the pair is at 0.7143, and it is surging towards the weekly R2 at 0.7168. If the New Zealand Dollar manages to break through the weekly r2, it is bound to move towards the monthly R2 at 0.7210. Meanwhile, technical indicators also suggest a rally is due today. 

    Traders' Sentiment 
    SWFX traders are bearish on the pair, as of 67% of open positions are short, which indicates that the currency pair might be oversold and could continue to surge. However, pending orders in the 100-pip range are 52% short.
    © Dukascopy Bank SA

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