NZD/USD risks dropping to 0.64

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The New Zealand dollar is caught by a 'risk off' kind of attitude, people basically feel a little bit more worried, they want to go more for safety and New Zealand gets sold in that situation. I think it is just a temporary thing. It will just take a couple of days to pass through." - Rankin Treasury Advisory (based on The New Zealand Herald) 

Pair's Outlook 
On Monday the Kiwi suffered a 56-pip loss against the US Dollar, ignoring the immediate support and settling slightly below the 0.65 level. There are no signs that could set a positive outlook towards NZD/USD currency pair, hence, another decline is expected today. The nearest support is represented by the monthly S1 and the weekly S2, but a deeper fall should be limited by the cluster around 0.6410. A breach of this final support is expected to cause a sell-off, ultimately leading the NZ Dollar towards the Sep low of 0.6234. 

Traders' Sentiment 
Bulls and bears remain unchanged, taking up 55% and 45% of the market, respectively. The gap between buy and sell orders narrowed, with bears outnumbering the bull by only 2% points.
© Dukascopy Bank SA

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