© Dukascopy Bank SA
- Westpac Banking Corp. (based on the New Zealand Herald)
Pair's Outlook
The pair started to decline at the beginning of May and since then the pair has lost almost 400 pips. It might be possible that the Kiwi has reached the bottom at 0.84 level; however, if the pair fails to break the upper trend line around 0.8480 then the pair is likely to weaken below the major level at 0.84. Also the daily technical indicators are slightly bearish; therefore, supporting the short positions. Nonetheless, the 0.84 level will not be easy to break as this level is also supported by the 200-day SMA.
Traders' Sentiment
The difference between the amounts of long (49%) and short (51%) positions remains negligible, meaning the sentiment is still neutral. In the meantime, the share of sell orders grew from 33% up to 41%.
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