NZD/USD dives below weekly S1

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The U.S. is still the cleanest shirt in the dirty laundry. I don't view it as a crowded trade, I view it as people piling into the dollar due to the potential for further economic growth."
- U.S. Bank Wealth Management (based on Bloomberg)


Pair's Outlook
The New Zealand Dollar is losing its positions against the US peer, as of today the pair dropped below the monthly PP and later even below the weekly S1 at 0.7807. However, according to the daily and monthly technicals, NZD/USD is poised for a rally, which to our mind is highly unlikely scenario. We can agree that in the short-term the Kiwi could recover some of the losses but in the longer haul the pair is likely to decline towards this year's low at 0.7662.

Traders' Sentiment
Current decline is apparently not influencing the SWFX traders; as compared to the yesterday's readings, the share of short positions (52%) has not changed. At the same time the difference between the buy (52%) and sell (48%) orders is narrowing.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.