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"New Zealand's trading partner outlook remains weak. Several euro-area economies are in recession and Chinese growth has slowed. The risk of significant deterioration in the euro area persists."
-Reserve Bank of New Zealand (based on The Wall Street Journal)
Pair's Outlook
NZD/USD continues to appreciate and furiously tries to reach new highs. Currently pair is already trading at the highest levels since end of April. Pairs advance remains bounded by Bollinger band and pairs downside risk increases as Stochastic indicator points at possible bearish correction in the near future, which is likely to be slowed down at 0.8223 and 0.8184/78.
Traders' Sentiment
Bearish sentiment on the pair hasn't changed for a bit ant 68% of traders continue to hold long positions on the pair. Distribution of pending orders suggest that it might strengthen in the future since 59% of posted orders are sell orders.
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