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"The kiwi/Aussie cross is elevated, and has the potential to edge even higher if everything stays as it is. The risk is to the downside longer-term."
– OMF (based on the New Zealand Herald)
Pair's Outlook
Today the pair approached 0.87; although, it didn't have strength to remain at that level. After reaching 0.87 the pair is trading around April's high at 0.8675. Through last two months we have seen that after consolidating for couple of days the pair has managed to extend its advance towards new highs. To be completely honest, we do not see the Kiwi breaking the 0.87 level at the moment; however, if it happens it most likely will reach weekly R1.
Traders' Sentiment
An overwhelming majority (71%) of the SWFX market participants believe that the Kiwi is going to lose its bullishness fall to trade lower. At the same time 65% of the pending orders placed 100 pips from the spot are to sell.
© Dukascopy Bank SA