© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
The pair's value has changed just slightly trough this week; although, the Kiwi spiked down below the weekly S1 at 0.8434. Currently the New Zealand's currency has regained a bullish bias and it is looking towards the 20 and 100-day SMAs around 0.8534. Even though, the main scenario for this pair is a long-term decline of the Kiwi relative to the U.S. Dollar, in the short run we can see a bullish correction towards the monthly PP and 55-day SMA at 0.8575/92.
Traders' Sentiment
Even though the share of shorts (57%) is presently below its 10-day average (60%), the sentiment with respect to the U.S. Dollar is largely bearish. The distribution between the buy and sell orders is even more unstable—70% and 30% respectively.
© Dukascopy Bank SA