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"The New Zealand dollar has had a strong run following the RBA's rate cut and the employment data has given it a short-term boost but it won't change what the RBA has to say."
- HiFX (based on TVNZ)Pair's Outlook
Even despite the recent events it would be rather optimistic to believe that pair will start to develop less erratically. The pair tried to advance above 0.82, but was pushed back by almost 50 pips. Today it is trying to do the same, but at the moment 0.8178/85 area is creating significant difficulties, therefore, even if the pair manages to step up a bit more, it is unlikely NZD/USD will remain there for a long period of time.
Traders' Sentiment
After hovering above a 70% mark for more than a week, amount of traders holding short positions on the pair dropped below the mentioned level (65% today). However, as amount of pending orders remain around 60%, 57% today) we should not see any other major changes in the future.
© Dukascopy Bank SA