© Dukascopy Bank SA
- Westpac Bank (based on the New Zealand Herald)
Pair's Outlook
Even though the pair gained in the last two days of the previous week, it failed to consolidate above the 0.79 level. A close above the 0.79 could of possibly pushed the pair towards the psychological level at 0.80. Currently, the pair seems well-supported at 0.7850 level by the monthly PP. Although, there is risk of the Kiwi sliding below the mark and if that happens then this year's low at 0.7662 becomes the target.
Traders' Sentiment
Once again the traders' sentiment seems stuck, this time it is at 52% of them being bearish, after being at 51% for around two straight weeks. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to sell, namely 80%.
© Dukascopy Bank SA