© Dukascopy Bank SA
"The kiwi/Aussie cross has possibly ended its multi-week correction, but it's not conclusive."
- Westpac (based on TVNZ)
Pair's Outlook
Whole day yesterday pair stayed in 20 pip range and closed almost at the opening level, but advanced 50 pips after receiving a push from weekly pivot at 0.8128 and currently is trying to breach 20-day SAM at 0.8186. However, technical indicators and todays events let us believe that 0.82 will be the area from which pair will dip to 0.815 and maybe to 0.81.
Traders' Sentiment
Outlook on the pair continues to be rather grim as 75% of traders, similarly to last week, continue being short on the pair. However, for the first time in a weeks time slim, but still majority of pending orders o the pair are to go long (51% of all orders).
© Dukascopy Bank SA