NZD/USD takes first stop to returning to 0.66

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Our central view of a 25bps cut from the RBNZ is priced at less than a 50% probability by the market. If delivered, the NZD will therefore be vulnerable to a sharp knee-jerk step lower. However, the extent of any such move would likely be dependent on the associated RBNZ commentary." 
- BNZ Markets (based on WBP Online) 

Pair's Outlook 
The New Zealand Dollar experienced another rally on Friday, ultimately stabilising at 0.6744. The NZD/USD is set to weaken today, with the Bollinger band and the weekly PP forming a support cluster around the 0.67 psychological level. The second target is located only at the major level of 0.66; the US currency is unlikely to pressure the Kiwi down that low. Meanwhile, technical indicators are showing mixed signs, unable to the pair's behaviour today, but bears seem to have the upper hand. 

Traders' Sentiment 
Traders retain a negative outlook towards the NZ Dollar, as 62% of all positions are short. The major portion of all orders are to sell the Kiwi, namely 73%, compared to 76% last Friday.
© Dukascopy Bank SA
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