© Dukascopy Bank SA
"There's a small bias towards responding to negative news that will overall keep the US dollar weak and push up the kiwi/US."
- Westpac Banking Corp. (based on The New Zealand Herald)
Pair's Outlook
Pair started the week with bullish bias and at the moment is flirting with 2013 high. Peak above it would put 32 month (since august, 2011) high at 0.8746 on the map. First try success to advance above this area seems highly unlikely, but failure there should not cause any major sell offs. However, in an unlikely event this happens, the pair should remain above 85 cent mark as it has since the end of March.
Traders' Sentiment
Bears are once again dominating the market. They continue to hold 73% of all of the open positions. Besides that, long side of pending orders contracted by 10-15%, depending on the range around current market price, and is around 45% overall level today.
© Dukascopy Bank SA