© Dukascopy Bank SA
- HiFX in Auckland (based on the New Zealand Herald)
Pair's Outlook
Yesterday we saw the Kiwi falling rather significantly as it reached the weekly S2 at 0.8560; although, today the pair unsuccessfully tried to reverse some of the lost value. At the moment we think that the pair might slip even more towards the weekly S3 and monthly S1 at 0.8512/00. This level could give more clarity on pair's future movements. If this level fails to hold the pair above the major level at 0.85 then a further selloff towards the 0.84 might be expected.
Traders' Sentiment
A considerable majority of traders stay pessimistic with respect to the Kiwi. Right now as many as 73% of them expect it to lose value against the U.S. Dollar. Moreover, the gap between the buy (74%) and sell (26%) orders is widening.
© Dukascopy Bank SA