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- RBC Capital Markets (based on the New Zealand Herald)
Pair's Outlook
The Kiwi fell lower once again; however, this time it has dropped below a very significant level—namely the major level at 0.84, this level has not been breached since early March. For now, the monthly S1 and weekly S2 at 0.8369/62 stopped the pair from falling even lower. The shorter term technical studies are neutral, thus there is rather high possibility that we might see a period of consolidation, if the monthly S1 is not breached.
Traders' Sentiment
With the pair falling lower the pair's traders are becoming more bullish (61%), in a way pointing out that to their mind the currency pair is oversold at the moment. The distribution between the buy and sell orders is very stable—52% and 48% respectively.
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