NZD/USD likely to decline for the sixth week in a row

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We are in a market environment where fear dominates and uncertainty dominates and in that market environment there's a flight to quality assets. There's going to be a knee-jerk flight to safety." 
- ANZ (based on The New Zealand Herald) 

Pair's Outlook 
The New Zealand Dollar declined against its US counterpart slightly more than anticipated, as it breached the weekly S1 support and settled at 0.6836. Technical indicators keep emitting bearish signals, suggesting the Kiwi is to experience more losses today. However, the NZD/USD showed no signs of weakness, but was also unable to maintain trade above 0.6845, the weekly PP. Nonetheless, we remain bearish the NZ Dollar, expecting a slide down to 0.68, which is also bolstered by the July 2010 low.  

Traders' Sentiment 
Bulls are now in the majority, as 55% of positions are long, compared to 49% previously. Meanwhile, the portion of orders to purchase or sell the NZ Dollar reached a perfect equilibrium.
© Dukascopy Bank SA
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