Dukascopy - Analytics

    Dukascopy

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    NZD/USD rebounds from 55–day SMA

    © Dukascopy bank SA
    "The recent sideways consolidation in NZD/USD has given way to a downside breakout. Level will now reverse roles and serve as initial resistance."
    - George Davis at RBC Dominion Securities Inc. (based on Bloomberg)


    Pair's Outlook
    The NZD/USD pair dived 100 pips during this Friday, down from 0.78 to 0.77. The US currency appreciated versus the Kiwi and surpassed all the previously mentioned support levels. Yet, the weekly S1 on the 4- hour chart seems to be holding the further slide. Additionally, the formed trend line from 10 December acted as a consolidation support. The round number at 0.77 will experience some fluctuation before the pair slides lower to meet the weekly S2 at 0.766.

    Traders' Sentiment
    The change in the opened orders have not changed sufficiently, since 54% of traders continue to hold their shorts. Yet, 50– and 100- pip opened pending orders declined almost twice in the amount.

    © Dukascopy bank SA

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