My intention- Based on market direction I am currently a bear on NZD and I want to sell.
The number of net non-commercial positions is below the zero “Waterline” indicating that market is bearish. The number of bears and bulls in the market is neutral, meaning there are a equal number of bulls and bear in this market.
Technical Overview- We are currently at a strong level of support with price bouncing in the 0.708 price zone since the 1st of June 2016 around a price Psych level of 0.70000. Bulls will buy at this strong support. We are also in a daily range between price levels of 0.70000 and 0.73000. We will trade this pair within the range.
Fumdamentals overview- New Zealand Dollars traded lower after the release of Chinese trade data that came out last week, but then managed to rally late in the session after a decline in U.S bond yields.The U.S. Dollar tumbled the most after China’s September trade data showed imports and exports were down, with exports falling by a “whopping” 10 percent. The key market driver of the NZD/USD will continue to be the U.S. Treasury yields. If yields recover then the U.S. Dollar may strengthen. If yields continue to rally up then look for the Aussie and the Kiwi to be underpinned. Source-www.fxempire.com/fundamental/fundamental-analysis-reports/audusd-and-nzdusd-fundamental-forecast-october-14-2016-365529