© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
The Kiwi was the best performing currency among G10 countries last week; therefore, its appreciation against the greenback is logical. Nonetheless, it seems that its strengthening has been halted by the monthly R1 and the major level at 0.8699/0.8700. To our mind the pair should slip considerably lower towards the weekly PP at 0.8614. In case the Kiwi fails to break the 0.87 level again that could provoke pair's bears and they might push it lower. However, if the 0.87 level is breached then the weekly R1 could be challenged.
Traders' Sentiment
An overwhelming majority (70%) of the SWFX market participants expect that the New Zealand Dollar is going to underperform against the U.S. counterpart.
© Dukascopy Bank SA