© Dukascopy Bank SA
- OMF (based on the New Zealand Herald)
Pair's Outlook
After breaking out from the downtrend last week the Kiwi is trying to consolidate above the major level at 0.85; however, unsuccessfully. If the pair continuously fails to break the 0.85 level then the pair's bulls might lose faith in its appreciation and therefore a selloff could follow. The daily technical indicators are bearish; although, weekly and monthly are more bullish then bearish. Despite, the fact that longer term technicals are bullish we still expect New Zealand's currency to fall against the greenback.
Traders' Sentiment
The sentiment towards NZD/USD slightly fell and a majority of the market participants expect the Kiwi to underperform, namely 60% of them.
© Dukascopy Bank SA