NZD/USD forces its way through supply at 0.84

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"While these are probably fully priced, the data increase the risk of somewhat faster hikes... Given the yield seeking nature of the current market near term risk is a topside break of the range in NZD over the last six months."
- RBS (based on Reuters)

Pair's Outlook

While the technical indicators are largely mixed, the New Zealand Dollar continues to develop the rally, which has already challenged a tough resistance level at 0.84. If NZD/USD breaks this level, the currency pair will be in a good position to maintain its current bullish momentum. Alternatively, the kiwi will be thrown back to the support at 0.8319/04, mainly formed by the monthly R1.

Traders' Sentiment

The gap between the amounts of bullish (29%) and bearish (71%) market participants narrowed compared to yesterday's numbers, but the latter remain in a distinct majority. Speaking of the orders, the distribution between the buy (39%) and sell (61%) ones is now considerably less skewed.
© Dukascopy Bank SA
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