© Dukascopy Bank SA
"Growth in the New Zealand economy has picked up. The bank does not want to see financial or price stability compromised by housing demand getting too far ahead of supply."
- Reserve Bank of New Zealand (based on Bloomberg)
Pair's Outlook
It seems that pair received enough of an impetus form 55 and 100-day SMAs, which it touched few days ago, to gain significant momentum. Since then pair has appreciated by 200 pips and at the moment is being slowed down only by weekly and monthly pivots. As technical indicators suggest pair should remain rather stable in short term, but pick up the pace once more afterwards.
Traders' Sentiment
Market participants perceive the kiwi as the weaker currency in the pair as 73% of them, the same as yesterday, have sold it against the greenback. Pending orders do not suggest there might be any major changes anytime in the near future as they are almost equally divided between the bulls and the bears.
© Dukascopy Bank SA