"The day's excitement was indeed the missiles. It was a risk-off event."
— Imre Speizer, Westpac Banking (based on New Zealand Herald)
Pair's Outlook
By the middle of Friday's trading session the New Zealand Dollar had traded against the US Dollar as forecasted during the two previous trading sessions. The Kiwi attempted to break the resistance put up by the long term down-trend line, and as expected the pair failed. It was still managing to find support in the weekly S1 at 0.6969 by the middle of the day. However, a fall of the pair remains to be expected, as the next target after the weekly S1 would be the combined support level of the weekly S2 and the lower Bollinger band at the 0.6927 level.
Traders' Sentiment
Traders are long on the Kiwi, as 57% of open positions are bullish. In addition, 56% of trader set up orders are to buy.
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