© Dukascopy Bank SA
- Westpac Bank in Auckland (based on the New Zealand Herald)
Pair's Outlook
The Kiwi remains strong, after yesterday's 80 pips advance it did not lose momentum and kept appreciating as the weekly R2 was breached at 0.8637 today. Nevertheless, just above pair's current trading level there is the monthly R1 and major level at 0.8699/0.8700. This resistance level most likely will not surrender without a fight; therefore, this could be the level that stops Kiwi's advance. Even though the currency manages to break this level it should not appreciate much higher.
Traders' Sentiment
The sentiment towards the pair has fallen to the lowest level (only 26% are bullish) in 18 days. The gap between the buy (26%) and sell (74%) orders is also widening.
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