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"The RBNZ is one of the few central banks running relatively orthodox monetary policy. Unfortunately, in a world where the major central banks are breaking all the rules, this is not an advantage."
-JB Were (based on TVNZ)
Pair's Outlook
NZD/USD slows down on its way back as Fibonacci (23.6% of move since 5th of September) and weekly pivot (PP) at 0.8249/39 provided enough support for the pair. Technical indicators and traders' sentiment suggest that pair will pick up the pace again and continue to appreciate trying to breach 0.8328 and, more importantly, 0.8352 in the near future.
Traders' Sentiment
NZD is the most sold currency over the board—in 79% of all cases. Consequently, share of short positions on the board continues to hold at 71% gauge. However, 70% of all posted orders on the pair are buy orders suggesting strong underlying support for the pair.
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