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- Societe Generale (based on CNBC)
Pair's Outlook
The Kiwi/Dollar was the best-performing currency pair among majors on Monday, having surged over 50 pips, amid an increase in oil prices. The situation with the Kiwi is quite similar to the Aussie's, as the pair appears to be edging higher for the third consecutive day. The first target now is the weekly R1 at 0.6885, while the second target implies a retest of the up-trend at 0.6930, which in turn is reinforced by the upper Bollinger band. Even though technical indicators are in favour of this scenario, the NZ Dollar is unlikely to climb that high today. Moreover, positive US fundamental data results could even cause the NZD/USD pair to sustain a minor loss, falling towards 0.6820.
Traders' Sentiment
Today 55% of all open positions are long, unchanged since yesterday. At the same time, the share of buy orders inched up from 57 to 61%.
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