© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
As technical studies suggested, the New Zealand Dollar extended its Friday's rally. Although the immediate resistance cluster was able to hold the gains, the Kiwi appears to be determined to retake the 0.68 level. The broad US Dollar weakness contributed to the NZD/USD's surge today, with even the weekly R1 at 0.6813 failing at limiting the volatility. The key resistance lies circa 0.6855 in form of the Bollinger band and the 200-day SMA, a breach of which is also to trigger a buying spree until price reaches Oct high of 0.6896. Technical indicators are also bolstering the probability of the bullish outcome.
Traders' Sentiment
Bears keep outnumbering the bulls, this time by 14% points. At the same time, the number of buy commands dropped from 37 to 36%.
© Dukascopy Bank SA