NZD/USD rebounds from 0.8375/58

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The worst fears of a disorderly default in early March won't come to pass apparently."
- RBS Securities (based on CNBC)


Pair's Outlook

Unlike USD/CAD, this currency pair moves according to positive signals given by the majority of technical studies after encountering the 20-day SMA. The price has already risen up to the weekly R1 and is set to climb further, although the growth should be impeded by 0.8489/53. On a related note, most of forecasts do not favour a bullish scenario, assuming a 0.82-0.83 level in the next nine months.

Traders' Sentiment
While the U.S. Dollar is one of the most frequently bought currencies (in 60% of cases), the New Zealand Dollar is among the least popular ones (bought in 30% of cases). Therefore only 30% of market participants believe NZD/USD is to rally, while a majority (70%) stay bearish on the currency pair.
© Dukascopy Bank SA

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