NZD/USD's rally stalls at 0.8324/09

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Even if a rate hike is delivered over the months ahead, the Reserve Bank of New Zealand is likely to talk down the markets expectations for further hikes which we view leaves the New Zealand dollar looking vulnerable at current levels."
- BNP Paribas (based on CNBC)

Pair's Outlook

NZD/USD has already pared most of its Friday's losses and is currently testing toughness of the monthly R1. However, 0.8324/09, being reinforced by the recently breached rising trend-line, should remain intact and prove to be a turning point for the latest rally, sending the price back towards 0.82. A breach of this support would entail a test of the 200-day SMA at 0.8124/05.

Traders' Sentiment

A recent surge in NZD/USD did not manage to scare off the bears (73%)—right now they are enjoying complete dominance over the bulls (27%). However, taking into account that the share of buy orders notably jumped, it may be the case that the price is closing in on the stop loss orders.
© Dukascopy Bank SA
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