© Dukascopy Bank SA
"Conviction levels are not particularly high though, with tonight's U.S. non-farm payrolls report looming large in traders' minds. As a result, currencies are a little flighty."
- BNZ (based on The Economic Times)
Pair's Outlook
Kiwi-greenback has not yet gained pace after the yesterday's failure at 0.8404, but dip below 0.8265 is almost imminent. That would put 0.8196 on the map. It should hold the initial test, but case of a failure there the pair might fall as low as 79 cents where median expectation of major market participants is located. If the pair receives a strong enough bullish impetus, we might see a solid recovery up to 0.8404. Peak above it would put October high at 0.8544 on the map.
Traders' Sentiment
Similarly to the loonie, kiwi is acquired in only 32% of the cases across the board and bulls account only for 25% investors trading on the pair. However, majority of pending orders (63%) are set in their favour.
© Dukascopy Bank SA