© Dukascopy Bank SA
- BK Asset Management (based on the New Zealand Herald)
Pair's Outlook
After a decline at the beginning of the week the Kiwi reversed the losses and even climbed slightly higher, above the weekly PP at 0.9473. Nevertheless, the pair still has not breached the 0.85 level, which with out a doubt is the most substantial resistance level ahead. In the short term we can expect the pair trading in the range from 0.84 (around June low) to 0.85 (20 and 200-day SMAs). However, since the pair is hovering around 0.85 mark then a climb above this level is more likely than a sell-off.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 56% of all of the open positions on the pair. In the meantime, the share of orders to enter the market with a buy trade edged up to 74%.
© Dukascopy Bank SA