NZD/USD moves within a rectangle, target July 20 peak

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"For investors, fearful of downgrades even to core debt, the path of least resistance will be to look outside Europe and hope that the U.S. data is a little stronger"
- Kit Juckes, head of currency research at Societe Generale in London (based on Bloomberg)

Pair's Outlook
NZD/USD is continuing its movement within a rectangle pattern, and has embarked a bullish direction. The closest targets now are 0.7950 (20-day SMA) and 0.7982 (weekly forecast target). However on the weekly target technical indicators give bearish signals , pushing NZD/USD to the lower Bollinger band at 0.7860.

Traders' Sentiment
Despite a strong support of the lower Bollinger band, majority of traders (68%) plan to open short positions in near term. On the other hand significant 32% of traders believe in pair's recovery and movement towards 0.7982 weekly target.
© Dukascopy Bank SA
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Wed, 25 Jul 2012 07:08:35 GMT

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