NZD/USD continues to drop on Wednesday

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The NZDUSD pair settles below the previously broken support of the bullish channel, while stochastic loses its positive momentum gradually approaching from the overbought areas."  
– based on economies.com


Pair's Outlook 
The New Zealand Dollar is in its sixth consecutive session of losses against the US Dollar, as the pair was trading at 0.7028 by 11:00 GMT. During Tuesday's session the pair fell from 0.7119 at the start of day's trading session to 0.7054 at the end of trading. During Wednesday and Tuesday the currency exchange rate keep struggling with the weekly S1 at 0.7042 and the lower Bollinger band, which has finally bent and was located at 0.6986 by 11:00 GMT. However, daily aggregate technical indicators forecast a surge for the pair today. 

Traders' Sentiment 

On Wednesday SWFX traders mark the twentieth consecutive session of major bearish sentiment, as open positions are 73% short on Wednesday. In the meantime, pending orders have become bearish, as 100-pip range orders are 58% short.
© Dukascopy Bank SA

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