© Dukascopy Bank SA
- ANZ Bank New Zealand (based on Bloomberg)
Pair's Outlook
Today the Kiwi dropped below the monthly PP at 0.8570 and reached the lowest level since fourth of April. Despite the technical indicators mostly sending "buy" signals we are rather sceptical on pair's advance. At the moment, we see the pair dipping slightly lower to trade around the 55-day SMA and Bollinger Bands at 0.8531/23. At the same time if the pair bounces back to trade above the monthly PP then we might see some bullish action.
Traders' Sentiment
The bullish sentiment towards the Kiwi has reached 30% after being below this level for more than 30 straight days. Bullish side of pending orders, however, contracted by 9-12%; however, it is still at 61-64% gauge today depending on the range.
© Dukascopy Bank SA