© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
This week the Kiwi was mostly dictated by bearish traders as it has slid below the weekly S2 at 0.8560. In our opinion there are two possible scenarios - the Kiwi will bounce from the monthly S1 and 100-day SMA at 0.8500/0.8497 or this level will be breached and New Zealand's currency could reach the major level at 0.84. It also should be kept in mind that all of the technical indicators are mostly bullish and that could encourage pair's bulls.
Traders' Sentiment
An overwhelming majority (71%) of the traders believe that the Kiwi is going to remain bearish and decrease in value relative to the U.S. counterpart. At the same time the gap between the buy (77%) and sell (23%) orders is widening.
© Dukascopy Bank SA