© Dukascopy Bank SA
"The Aussie has just been getting thumped. The tone of New Zealand data is a little better, but it's probably better to sell than to buy on the kiwi/Aussie."
- ANZ New Zealand (based on Sharechat)
Pair's Outlook
The pair seemingly has lost momentum after reaching previous 2014, now May high, a week or so ago. It managed to climb 15 pips above it, but failed to maintain momentum. We expect to see some further profit taking around these levels and for the pair to slowly trail till 87 cent mark. Dip below weekly S1 might provoke a major sell off, but that seems rather unlikely at the moment.
Traders' Sentiment
Bears continue to strengthen their presence in the market by increasing their share of open positions by additional 1%, till 73% overall. It is very likely that similar situation will persist as pending orders remain around equally distributed between the long and short traders in various ranges around current market price.
© Dukascopy Bank SA