© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
The Kiwi has basically remained unchanged this week and it was not able to break the weekly PP and 20-day SMA at 0.8615/19 and not able to slip below the monthly PP at 0.8570. Pair's future are very much dependant on its short term movements. In our opinion a decline beneath the monthly PP could encourage a selloff and the price might fall towards the weekly S2 at 0.8482. At the same time, if the pair breaches the weekly PP then it might strengthen towards the weekly R1 at 0.8668.
Traders' Sentiment
Current uncertainty is apparently discouraging some of the traders; as compared to the yesterday's readings, the share of long positions fell from 30% to 25%.
© Dukascopy Bank SA