© Dukascopy Bank SA
"A generally risk off session overnight, with concerns over the Chinese outlook and tensions in the Ukraine weighing on sentiment."
- ANZ Bank (Based on the New Zealand Herald)
Pair's Outlook
After kiwi's impressive advance against the U.S. Dollar during the last two trading days it has started to make a correction and is currently trading around weekly R1 and 2013 4Q high (0.8548/43). We expect that it will slide towards weekly PP at 0.8445 and a further decline towards major level at 0.8400 is likely. The technical indicators are sending mixed signals; however, we are bearish on this pair.
Traders' Sentiment
The sentiment among SWFX market participants has barely changed as 71% remain bearish and 29% are bullish respectively. In the meantime, the share of orders to enter the market with a buy trade edged up to 38% from Thursday's 19%.
© Dukascopy Bank SA