NZD/USD hovers above 2009 Q3 low

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The dollar longs are still the consensus position out there."
- Deutsche Bank AG (based on Bloomberg)

Pair's Outlook

NZD/USD hesitates to move far below 0.63, but eventually the bears are expected to overpower bulls and push the price lower. One of the closest significant supports is at 0.62, represented by the 2009 Q3 minimum. Another major demand level should be at 0.6042 (monthly S1). Meanwhile, the rallies are to be capped by the monthly pivot point at 0.6375, which merges with the 20-day SMA. Additional major resistance is only at 0.6510 (55-day SMA).

Traders' Sentiment

Distribution between the bulls and bears fell out of almost perfect equilibrium, and the sentiment became bearish—56% of positions are short. As for the orders, the share of commands to sell the Kiwi jumped from 66 to 82%.

© Dukascopy Bank SA

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