NZD/USD underpinned by 0.8370

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Fed speaker calendar is dominated by doves in the early part of the week. These should provide reassurance that the Fed is in no rush to turn off the liquidity tap despite these early signs of encouragement on activity."
- HSBC (based on MarketWatch)


Pair's Outlook

As would be expected, price chart of NZD/USD in many ways resembles AUD/USD, since the currency pair is also unable to climb over a resistance zone, but in this case the one that resides at 0.8476/50. Regardless, the upward trend is deemed to be sustainable, implying that the resistance will be eroded eventually. Development of any weakness, in turn, should be prevented by 0.8304/0.8276, a cluster of various studies, including 55-day SMA.

Traders' Sentiment
The portion of long positions on NZD/USD has decreased even further and is now 27%, while shorts take up 73% of the total amount, meaning that the currency pair remains strongly oversold. Most of orders (62.5%) placed are to sell the New Zealand Dollar, accordingly, 37.5% of traders intend on buying it.
© Dukascopy Bank SA

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