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"Markets are long on risk assets already leading into the meeting and we've already had the signal (for QE3), so we might not get a big initial reaction in the kiwi."
-Westpac Banking Corp (based on TVNZ)
Pair's Outlook
NZD/USD received a push from Fibonacci retracement at 0.8125 and tries to reach new high. However, Stochastic indicators suggests a bearish correction should take place in the near future. Significant resistance levels starting from 0.8197 strengthens probability of such developments in the near future.
Traders' Sentiment
Bearish sentiment on the pair is strengthening further. Amount of traders holding short positions on the pair increased additional 4% since yesterday and reached 61% mark. Distribution of pending orders suggest we might see further elaboration of such moods as 54% of pending orders are sell orders.
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