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"A break below 98.55 would pave the way for a selloff taking it to interim support of 97.05 before possibly falling further to 95.59."
- Credit Suisse (based on Bloomberg)
Pair's Outlook
NZD advanced against the US dollar ahead the FOMC meeting announcement. If bullish momentum to intensify, 0.7961 (200-day ma) is going to be the first target for bulls. Once this line is left behind, 0.8012 (Upper Bollinger band; R1 Weekly) and 0.8106 (R2 Weekly) will be in focus among bullish investors.
Traders' Sentiment
The vast majority of currency traders expect the pair to move higher (66%) with 34% of investors being bearish on NZD/USD. Over the middle term, or within 100 points from the recent market price, the sentiment is undecided as the shares of long and short positions are equal (50%/50%).
© Dukascopy Bank SA