© Dukascopy Bank SA
"The domestic economic outlook remains strong and that's clearly supportive of a higher kiwi. Globally, financial conditions have well and truly stabilised. It's no surprise then, given that mix that markets are buying risky currencies such as the New Zealand dollar."
- Westpac Banking Corp. (based on ShareChat)
Pair's Outlook
After touching 0.8475 on Monday pair has been range bound between 0.847 and 0.840. Although technical indicators are rather inconclusive as 0.84 proved to be a strong support area it seems that kiwi has not used up all of its upside potential and it would not be much of a surprise if pair would test monthly R1 anytime soon.
Traders' Sentiment
Bears continue to dominate in the market—exactly 3 out of 4 open positions in the market are short on the pair. Allocation of pending orders point at further domination of bears—59% of them are to go short.
© Dukascopy Bank SA