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"Generally, this week is light on New Zealand data releases so the New Zealand dollar will remain at the whim of global risk appetite."
-Bank of New Zealand (based on The Wall Street Journal)
Pair's Outlook
Pair recovered all of its yesterdays losses and is back above weekly pivot point at 0.8270 after receiving a push from 0.8205/00. It is likely that this session is rather an exception to the rule in the medium term; pair might advance up to or maybe even breach 0.8300 temporary, but further depreciation of the pair seems to be much more believable.
Traders' Sentiment
Right after JPY, NZD is the most sold currency's across the board—in 74% of all cases (+2% since yesterday). 75% of traders continue to hold short positions on the pair. In addition, for the first time in weeks time, majority of pending orders on the pair are short (54% of all pending orders).
© Dukascopy Bank SA