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"A soft payrolls report could dampen demand for the USD, as the market sees the U.S. Fed firmly entrenched in its easing stance. This would likely be NZD/USD positive," adding that resistance at $0.8450 would limit upside.
- Bank New Zealand (based on The Economic Times)
Pair's Outlook
Kiwi dipped by 50 pips today and at the moment is supported by weekly pivot (PP). It seems like a significant move, but pair has been demonstrating similar tendencies for the past few days and is likely, as suggested by short term technicals, to return slightly above 0.84. Lack of conclusive technical indicators, however, suggests that pair might remain in 0.84 for some time more.
Traders' Sentiment
Bear continue dominate the market as they account for 70% of market participants. Bears might diminish some of the gap between them and the bulls as 68% of all pending orders on the pair are to go short.
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