© Dukascopy Bank SA
- Westpac Banking Corp. (based on the New Zealand Herald)
Pair's Outlook
The New Zealand Dollar performed well last week. The Kiwi set new high this year at 0.8795; however, pair's bulls did not manage to push it even higher. At the moment the pair is fluctuating around the weekly PP at 0.8744 and it seems the support level is slowing down the decline for now. However, we do think that the real challenge will be around the 0.87 level as there is a cluster of supports (the monthly R1, major level and weekly S1). Falling below this level could trigger a selloff.
Traders' Sentiment
The sentiment is little changed as 72% of the traders are bearish on the pair. The distribution between the buy and sell orders is more stable—48% and 52% respectively.
© Dukascopy Bank SA