© Dukascopy Bank SA
- BNZ (based on WBP Online)
Pair's Outlook
The New Zealand Dollar closed trade with a 17-pip rally against its US counterpart on Wednesday, leaving the up-trend intact. The main reason of the positive outcome in the NZD/USD performance yesterday was s rather sharp rebound in oil prices, also leaving the Kiwi stronger today. The pair is now likely to put the immediate resistance, namely the weekly R1 and the down-trend around 0.6695, to the test. Technical studies are also in favour of the bullish scenario; meanwhile, a tough cluster is supporting the commodity currency from below around 0.6640.
Traders' Sentiment
Market sentiment remains equally divided between bull and bears, while the number of purchase orders added 13% points, up to 61%.
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