© Dukascopy Bank SA
"I don't think there's any fundamental change (in the kiwi) unless equities keep going lower."
- ASB Institutional (based on TVNZ)
Pair's Outlook
Pair continues to advance after receiving a bullish impetus from 100-day SMA yesterday. It has been briefly paused by weekly pivot and 200-day SMA but it is very likely pair will try to advance above these levels later in the session, but as readings of technical indicators are inconclusive it seems that bearish market sentiment will drag pair down back eventually.
Traders' Sentiment
Share of bears decreased by 4% since yesterday, but they continue to hold overwhelming majority, 71% to be exact, of positions in the market. In addition, pending short orders account for 68% of all pending orders in the market. As a consequence we should continue to see bear dominated market in the near future.
© Dukascopy Bank SA