NZD/USD bulls take over the market

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The kiwi is up considerably against the dollar today and against most of its counterparts benefitting from the general risk-on mood ."
- Ravi Bharadwaj, Western Union Business Solutions (based on Businessweek)

Pair's Outlook
The positive impulse given to the pair on Wednesday is continuing, as the pair is on the upside for the third consecutive day. The Upper Bollinger band is likely to be the closest target for bulls at 0.8086. In case of trend change, 200-day SMA at 0.7995 is likely to support the pair from further slides.

Traders' Sentiment
Bulls are now ruling the SWFX sentiment index on this pair, as 58% of traders believe in pair's further augmentation—up from 35% yesterday. However, almost 42% of market participants anticipate a trend change in near term, and thus plan to open short positions on NZD/USD.

© Dukascopy Bank SA
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Fri, 27 Jul 2012 15:17:22 GMT

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