© Dukascopy Bank SA
"It was very very very strong Aussie data - that's two days in a row. If you're still hanging on for an RBA rate cut you're going to be sorely disappointed."
- ASB Institutional (based on The New Zealand Herald)
Pair's Outlook
NZD/USD has reached new 2014 high once again at 0.8481 mostly impacted by strong fundamentals and we think that the pair has reached the top. Most likely the pair will decline and once the support at 0.8442/36 is broken it might fall further towards weekly PP/20-day SMA at 0.8348/45. If the pair will not consolidate around that support level, then we expect that it might prolong its drop to 55-day SMA and monthly PP at 0.8287/84.
Traders' Sentiment
The sentiment among the SWFX market participants has remained unchanged as 72% are bearish. Concerning the orders placed 100 pips from the spot price, there are significantly more commands to sell – 79% compared to 55% yesterday.
© Dukascopy Bank SA