© Dukascopy Bank SA
- MUFG Union Bank NA (based on Bloomberg)
Pair's Outlook
Tuesday showed a quick rush to the upside for more than 73 pips. The daily candles are closing in green since last week and will likely continue the trend. However, the recent volume was not sufficient enough to shoot the NZD/USD higher than the Bollinger band at 0.7845. In case of loosing the growth pace, an immediate support level at weekly R2 at 0.7814 and the 4-hour 200-day SMA at 0.7796 will be faced. Overall, the cross is fluctuating within the descending flag pattern, formed since October 2014.
Traders' Sentiment
An increasing volume of newly opened pending orders came to the market today, as traders are looking forward to trade after the end of this year of 2014.
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