© Dukascopy Bank SA
"There's a growing sense that the RBNZ could look at raising interest rates, but they're not quite there yet and that's to do with the high exchange rate."
- St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
Pair ended last week and started this week demonstrating mild bullishness, at the moment is aiming at 55-day SMA, but it is to early to say if it will remain range bound between 0.823 and 0.833 as it was last week. If the 55-day SMA will be breached, it would put weekly and monthly R1 on the map. In case of a dip below 0.8263 we should start looking at 20 and 100-day SMA/monthly PP/weekly S1 at 0.8226/191.
Traders' Sentiment
Bears continue to dominate the market as they hold 71%, 1% less than on Friday, of open positions on the pair. We are not expecting to see any major changes as pending orders are continuing to be equally divided between the long and short traders.
© Dukascopy Bank SA