© Dukascopy Bank SA
- Westpac Banking Corp. (based on the New Zealand Herald)
Pair's Outlook
The Kiwi plummeted below the monthly and weekly S1 at 0.8500/0.8496 today. The pair is trading at the lowest level since the beginning of March and that could provoke pair's bulls. Although, we expect a consolidation around current level before falling lower, the next target for pair's bears is weekly S2 at 0.8451. Nevertheless, the majority of weekly and monthly technical indicators are bullish; therefore, in longer term we could see some rebound.
Traders' Sentiment
The sentiment towards NZD/USD slightly improved, but a majority of the market participants are still expecting the greenback to underperform, namely 63% of them. At the same time the gap between the buy (59%) and sell (41%) orders is narrowing.
© Dukascopy Bank SA