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"New employment will have to double from here if it is to bring unemployment near 7.0 percent when people begin returning to the hunt for work"
- Worldwide Markets (based on CNBC)Pair's Outlook
NZD/USD has successfully closed above 0.8271/65, meaning that the surge started on Oct 30 may be continued. However, the pair is behaving timidly, implying currently extant indecision in the market. Once the rally is recommenced, 0.8324/37 could fall the first victim to bulls, paving the way towards 0.8407. In the meantime, possible losses are expected to be limited by 0.8218 in conjunction with 0.8196/83.
Traders' Sentiment
Preponderance of bears has somewhat diminished since yesterday, though NZD/USD remains strongly oversold, being that 65% of positions are short and 35% are long. The situation with orders is similar, but less distinguished, as 56% of trader plan on selling the kiwi and 44% placed buy orders.
© Dukascopy Bank SA