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"We have seen quite a shift in monetary policy expectations. Hit by the double employment whammy yesterday it has hardened expectations that the Reserve Bank is on hold for the foreseeable future, dragging the kiwi off its highs."
- Mike Jones, Bank of New Zealand (based on NZ Herald)
Pair's Outlook
Pair kept depreciating today, but was unable to breach level of 0.8083. Although outlook of the pair remains mildly positive for short and medium term, but pair is bound to meet heave resistance once it approaches 0.8148 (PP Weekly) and should resume falling towards 0.8025 (200-day SMA).
Traders' SentimentCurrent market sentiment remains only slightly in favor for the short traders at the moment. However, in the range of 100 pips from the current price, number of sell order is twice bigger than number of buy orders suggesting a possible major increase in favoritism for short selling.
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