© Dukascopy Bank SA
"The New Zealand dollar slid along with other major currencies against the US dollar overnight. The US dollar was ascendant last night, as signs of burgeoning inflationary pressure put investors on guard for the Fed's policy meeting tonight."
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
Despite the substantial momentum demonstrated last week, the pair did not manage to pierce the 87 cent mark. It might be we will see some , possibly even major, peaks above it, but it is unlikely the pair will manage to consolidate there. Hovering slightly below 87 cent mark and minor dips from there seems much more likely turn of events in the nearest future.
Traders' Sentiment
Market remains dominated by the bears—73% of them remain currently short on the pair. In addition, no less than 65% of pending orders, depending on the range around current market price, are set to go short on the pair.
© Dukascopy Bank SA