NZD/USD returns above 0.83

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The kiwi continues to draw support from the fact the NZ economy remains in better shape than most. We believe positive relative growth and interest rate differentials will support the NZD through to mid-2013." 
-Bank of New Zealand (based on  The New Zealand Herald)

Pair's Outlook

Pair recovered all of its yesterdays loses and returned above 83 cent mark overnight. Outlook on the pair is positive, and it is likely that due to this gain in momentum pair will continue to appreciate further since the only major resistance level below 0.84 mark is 14th if September high at 0.352.

Traders' Sentiment
NZD was the most sold currency across the board—in 72% of all cases, almost for the whole trading week. Although 4% less traders hold short positions on the pair since yesterday, bearish sentiment prevails as 71% of traders continue hold short positions on the pair. However, 79% (+9% since yesterday) of all posted orders on the pair are buy orders.

© Dukascopy Bank SA

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