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New Zealand Dollar Outlook Mixed, but Watch this Price Level

New Zealand Dollar Outlook Mixed, but Watch this Price Level

David Rodriguez, Head of Product

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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