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"Everything is out on the table, the RBNZ is clearly priced into the market."
– HiFX (based on the New Zealand Herald)
Pair's Outlook
Last week NZD/USD advanced and reached new high in year 2014 at 0.8605; however, after reaching this level the pair bounced back to trade above monthly R1 at 0.8518. The week has started well for Kiwi bulls as the pair has strengthened; however, we are still expecting that the pair will decline. We think that it will probably break weekly PP and monthly R1 (0.8525/18) and slide towards weekly S1 at 0.8445.
Traders' Sentiment
At the moment of writing 72% of the SWFX market participants are expecting the New Zealand Kiwi to lose value against the greenback. Meanwhile, the percentage of orders set to acquire the Kiwi dropped from 38% on Friday to 31% today.
© Dukascopy Bank SA