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- Labour finance spokesman David Parker (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar continues to trade around the monthly S2 at 0.8176; although, it was not able to consolidate above it when the level was breached earlier today. Nonetheless, it seems that the pair's decline has ended for now, as NZD/USD is entering a consolidation phase. If the pair breaks the monthly S2 then the next resistance level is the weekly PP at 0.8206. This level also could be serious obstacle, as it is pairing with the major level at 0.82.
Traders' Sentiment
There is no strong conviction in the market that the Kiwi is heavily undervalued; however, still a majority of traders (58%) are bullish on the pair. As for the orders, the amounts of buy (30%) and sell (70%) ones are wide apart from each other.
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