© Dukascopy Bank SA
"That GDP figure looks very much distorted by winter. If we see the growth picture improve globally, the kiwi will get bought."
- OMF (based on The New Zealand Herald)
Pair's Outlook
NZD/USD is a bit more to the downside despite the appreciation in the past few days. This is mainly due to the current setback at 0.8614/30 (20-day SMA/monthly PP/weekly R1). If the pair peaks above it we could see it inching up till 2014 high, but very unlikely any higher. In case of a failure at current levels the pair might trail till 85 cent mark, but it is a bit too early to speculate what could happen afterwards.
Traders' Sentiment
Although bears continue to hold 74% of all of the open positions on the pair, it seems that bulls are preparing to take a swing at them as long side og pending orders expanded by no less than 7% and is at least at the 63% level today.
© Dukascopy Bank SA