NZD/USD trades above the weekly S1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Outside of a more positive USD view…we believe some of the tailwinds driving economic momentum in New Zealand (and the NZD more specifically) have now started to wane." 
- Goldman Sachs (based on CNBC)

Pair's Outlook

In the last three trading days the pair has been supported by the major level and weekly S1 at 0.8600/0.8593; moreover, after some appreciation yesterday it has returned at this level again. We do not think that this support level will hold the pair back for much longer, most likely, it will slip towards the 55-day SMA and weekly S2 at 0.8504/02, which could be a more substantial support level.

Traders' Sentiment

The distribution between the proponents and opponents of the Kiwi's appreciation relative to the U.S. Dollar remains the same as 24 hours ago—28% and 72% accordingly. Meanwhile, the percentage of orders set to acquire the Kiwi increased to 72% from yesterday's 52%.

© Dukascopy Bank SA

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