© Dukascopy Bank SA
"A more stable $0.7450 to $0.7700 NZD/USD trading range is expected over coming weeks until European sentiment, Chinese economic data and/or commodity prices improve to ultimately push the NZD modestly higher."
- Asia-Pacific Risk Management (based on CNBC)
Pair's Outlook
NZD/USD managed to maintain a flat trend today. However, if the bearish momentum to emerge, support levels at 0.7427 (S1 Weekly; Lower Bollinger band) and 0.7368 (November 2011 low) are going to be the initial targets in case bearish trend develops further. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
Traders' Sentiment
NZD/USD currency pair is overbought by SWFX marketplace participants. 82% of them have entered the market with long positions, while 18% entered the market with a sell trade. Within 100 points from the present market price, however, currency traders (53%) expect the pair to pursue bearish direction.
© Dukascopy Bank SA