© Dukascopy Bank SA
- Westpac Banking Corp (based on The New Zealand Herald)
Pair's Outlook
The pair closed above the major level and monthly R1 at 0.8700/04 yesterday. The Kiwi looks strong at the moment; however, this year we have seen that in most of the cases Kiwi's advances are followed by rather sharp drops. Therefore, we are careful with our expectations. We see the pair approaching the weekly R1 at 0.8749; although, it is possible that reaching this level will cause a selloff. The technical indicators are largely bullish.
Traders' Sentiment
The distribution between the proponents and opponents of the Kiwi's appreciation relative to the greenback remains more or less the same as 24 hours ago—28% and 72% accordingly. Meanwhile, the share of sell orders rose from 64% up to 73%.
© Dukascopy Bank SA