© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The pair has fallen beneath the weekly and monthly R1 at 0.8714/31 after yesterday's advance, when a new 32-month high was set. Even though the technical indicators are largely bullish we anticipate a decline. We see the Kiwi sliding towards the monthly and weekly PP at 0.8622/15; however, this support level should slow or even stop the downward movement. In longer time frame we expect the pair reaching the monthly S1 and the major level at 0.85.
Traders' Sentiment
The distribution between the proponents and opponents of the Kiwi's climb relative to the U.S Dollar remains more or less the same as 24 hours ago—28% and 72% accordingly.
© Dukascopy Bank SA