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"W don't think it (the Kiwi) is going anywhere fast. There is no data so we will just be dependent on flows."
- ASB Bank (based on The Wall Street Journal)
Pair's Outlook
It seemed that the pair has successfully eroded monthly R1. However, it has once again dipped below it and it seems that this time we should see a sell off till 55 and 100-day SMAs. If these levels fail to provide support we might see a sell off till 81 cents, where median price expectation of major market participants is located. In case of an unexpected recovery the pair should show a solid close above monthly R1 to advance further.
Traders' Sentiment
Sentiment hasn't changed much (27% long), but bulls increased their pressure on the bears. Long side of pending orders expanded by 5-10% depending on the range. However, overall range is at 38-40% suggesting it might not see any major changes soon.
© Dukascopy Bank SA