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"I'd be surprised if the kiwi goes through 86.20 US cents unless Yellen says something surprising."
- HiFX (based on the New Zealand Herald)
Pair's Outlook
The New Zealand Dollar dived beneath the weekly PP at 0.8669 and at the time of writing it is trying to break the 20-day SMA at 0.8633. Majority of the technical indicators suggest that the pair is oversold and that it is poised for an advance. However, we are still holding a bearish outlook on this currency pair and we think the 20-day SMA is not strong enough support to hold the pair at the current trading level.
Traders' Sentiment
The share of shorts (72%) is around its 10-day average (72.5%), therefore, the sentiment with respect to the Kiwi is largely bearish. As for the orders placed 100 pips from the spot, 58% are set to buy.
© Dukascopy Bank SA