© Dukascopy Bank SA
- RBC Dominion Securities Inc. (based on Bloomberg)
Pair's Outlook
The Kiwi extended its yesterday's decline and is trading around the weekly S2 at 0.8451. We expect a further retreat towards the major level at 0.84 that will be driven by pair's bears. Even though at the moment the pair is on a downtrend the weekly and monthly technical indicators expect an advance. If the pair approaches the major level at 0.84 then we expect it to consolidate there; although, a rebound towards the weekly S2 could be possible.
Traders' Sentiment
Market sentiment remains unchanged as bears continue to hold 63% of all of the open positions on the pair. Bullish side of pending orders, also did not change and is at 51-69% gauge today depending on the range.
© Dukascopy Bank SA