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"We did a lift off the low after that auction - the New Zealand dollar probably won't go anywhere today - we are looking for direction from offshore."
-ANZ (based on The New Zealand Herald)
Pair's Outlook
Pair received strong bullish impetus from support levels at 0.8116/11. At the moment pair is hovering right above support levels at 0.8209. Although this bullish rally was expected and long awaited, we should see a minor bearish correction in the near future. Main catalyst for this should become Fibonacci retracement (23.6% of 5th to 14th of September move) at 0.8249.
Traders' Sentiment
69% of traders, the same as yesterday, continue to hold short positions on the pair. This sentiment should strengthen even further as 59 % of all pending orders on the pair are to go short.
© Dukascopy Bank SA