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"The home loan numbers were a bit stronger and that's encouraged a little bit of buying, the kiwi looks well supported."
- HiFX (based on the New Zealand Herald)
Pair's Outlook
NZD/USD has prolonged its yesterday's rally and has set a new high this year at 0.8704, which is also the highest level in more than a three years. Evidently the pair has struggled to trade above 0.87 level and once it is reached then a decline follows. Most likely the pair is not ready to consolidate above 0.87, therefore, we expect it sliding closer towards weekly PP at 0.8608.
Traders' Sentiment
The SWFX market participants' sentiment towards NZD/USD is right where its 10-day average (28.4%) is at 28%. Bullish side of pending orders increased 9% and is at 42% today.
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