NZD/USD trades around 0.8600

Last week we saw the pair making some corrections; however, on Friday NZD/USD found some impetus around 2013 4Q high at 0.8543 and it has advanced to weekly PP at 0.8608. We expect that the significant 0.8600 level could refrain further gains and that it could push the pair lower towards weekly S1 at 0.8516. Nevertheless, majority of the technical indicators suggest an advance in this currency pair.

SWFX market participants are not getting discouraged by Kiwi's great performance lately as 74% of them expect it to lose value versus the buck. Meanwhile, the percentage of orders set to acquire the U.S. Dollar edged up, specifically 49%.