NZD/USD is unchanged

While we were expecting continuation of the down-trend in NZD/USD, based on the premise that the spot price is beneath the 200-hour moving average, there are now more reasons to believe the kiwi is already at or is about to hit the bottom. The concerns whether the currency pair will be able to stay on the road south largely emerged with the monthly studies turning bullish, with only two indicators for September now giving ‘sell' signals.

In spite of the existing downside risks, a majority (63%) of the positions are opened with the idea the New Zealand Dollar is going to rise in value against the U.S. Dollar. As for the orders placed on the pair, at the moment 36% of them are to buy the kiwi and most (64%) are to sell it for the U.S. Dollars.