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New Zealand Dollar Outlook Mixed, but Watch this Price Level

New Zealand Dollar Outlook Mixed, but Watch this Price Level

2015-11-12 16:40:00
David Rodriguez, Head of Product
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New Zealand Dollar Outlook Mixed, but Watch this Price Level

Why and how do we use the SSI in trading? View our video and download the free indicator here

NZDUSD – Indecisive retail forex trader sentiment leaves us with a mixed short-term trading bias on the New Zealand Dollar. A continued hold above pivotal support surrounding $0.6500-0.6550 suggests that the pair may yet trade higher.

It is nonetheless important to note that broader US Dollar rallies may keep a lid on any near-term NZD/USD strength. Ideally we would see a much stronger shift in crowd sentiment before turning in favor of buying into NZD strength.

See next currency section: XAUUSD - Gold Price versus US Dollar Likely to Continue Lower

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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