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"US dollar weakness continues to be the major driver of the kiwi's strength."
– Alex Hill, NZ Forex (based on The New Zealand Herald)
Pair's Outlook
The main difference today from yesterday's outlook on the NZD/USD pair is that the upper Bollinger band, which was located previously below the weekly R1, is now located at 0.7349, which is above the first weekly resistance at 0.7347. However, the pair's general direction remains northwards oriented, as the volatility of the rate remains more aimed to the upside. Moreover, the weekly resistance is about to become obsolete, as after all we are in the middle of Friday's trading session. Due to these facts considered combined, it is clear, that a surge of the Kiwi is highly possible on Monday.
Traders' Sentiment
Traders are 72% short on the pair, and pending commands are 42% to sell on Friday.
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