© Dukascopy Bank SA
- Mizuho Bank (based on CNBC)
Pair's Outlook
The Kiwi easily overtook the 0.69 psychological level on Wednesday, reaching a fresh nine-month high of 0.6965. The NZD/USD currency pair, however, struggled to maintain trade that high, but price still closed above the 0.69 mark. With the breach of the two-month resistance line, the NZ Dollar is now poised to begin climbing higher towards the June 2015 high of 0.7231. Today the closest obstacle is the cluster around 0.6925, represented by the Bollinger band and the monthly R2. The base case scenario is a movement to the new nine-month, with trade closing around 0.6950.
Traders' Sentiment
There are slightly more traders with a negative outlook towards the NZD/USD pair, namely 0.59%. Concerning the purchase orders, their share now takes up 53% of the market, compared to 50% yesterday.
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