© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
The breach of the ascending channel pattern keeps triggering more Kiwi-selling. Friday's US jobs data failed to boost the NZ Dollar, resulting in a more than 60-pip drop. More NZD/USD weakness is expected to occur today, with the 55-day SMA and the monthly S1 forming a relatively strong support cluster around the 0.68 major level. However, another potential support is located at 0.6770, an area that kept the New Zealand currency from sustaining sharper losses against the Buck in April. Only after this area is pierced, could the Kiwi begin moving towards the 100-day SMA, located around 0.6723.
Traders' Sentiment
There are 52% of traders retaining a positive outlook towards the NZD/USD pair, compared to 51% on Friday. There are also two percentage points more open orders to acquire the NZD, namely 58% of them.
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