© Dukascopy Bank SA
- Rabobank International (based on Bloomberg)
Pair's Outlook
Yesterday we saw the Kiwi plummeting below the weekly S1 at 0.8738; moreover, the pair's bears prolonged this decline by pushing it lower today. For Kiwi's bears the next obstacle is the psychological level at 0.87, this is the first time when the pair is trading above the 0.87 mark for this long time. However, we expect the pair to dive beneath this level and then to face even more significant support level (weekly S2, monthly PP, 55 and 100-day SMAs) around 0.8650.
Traders' Sentiment
For already two trading weeks more than 70% of the SWFX market participants are bearish on the pair. Bullish side of pending orders, however, increased by 7% and is at 40-48% gauge today depending on the range.
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