© Dukascopy Bank SA
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
Being a commodity-based currency, the New Zealand Dollar suffered from falling oil prices yesterday and declined more than anticipated. As a result, the NZD/USD dropped to the weekly PP at 0.6687, but is now expected to rebound from the given support. The closest resistance is now represented by the monthly R1 at 0.6767, but trade is likely to close below that level. On the other hand, if the weekly PP fails to hold the pair from falling, the 20 and 55-day SMAs around 0.6660 are to cap the losses. Meanwhile, technical studies are giving bullish signals, supporting the Kiwi's bullish outlook.
Traders' Sentiment
Bearish SWFX traders' sentiment returned to its Monday's level of 54%, whereas the share of sell orders increased from 68 to 74%.
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