© Dukascopy Bank SA
"Everybody's expecting there to be strength, but beating consensus forecasts has given offshore people a good reason to buy the kiwi."
- ANZ Bank New Zealand (based on the New Zealand Herald)
Pair's Outlook
Even though NZD/USD rose even higher today, we think that it has started to lose its bullish momentum. There is a strong support (Bollinger Bands and monthly R2) near the current trading level at 0.8660/58, regardlessly, we expect the pair breaking it and falling lower towards weekly R1 at 0.8619. Technical indicators are mixed, but in our opinion the pair will not advance much higher, it might reach weekly R2 before sliding.
Traders' Sentiment
SWFX traders sentiment has not changed by much, 71% think that the Kiwi will lose its value versus the U.S. peer. The distribution between the buy and sell orders has narrowed slightly - 44% and 56% respectively.
© Dukascopy Bank SA