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- Alan Bollard, Reserve Bank Governor (based on NZ Herald)
Pair's Outlook
Reserve Bank of New Zealand's rate announcement has given the market a positive impulse, especially on the NZD/USD pair, and the pair is augmenting for the second consecutive day. The closest bullish target is likely to be the Upper Bollinger band at 0.8046. In case of a downward correction, we might see the pair testing 0.7850 (Weekly S2).
Traders' Sentiment
Despite the positive price movement, the majority of market participants (65%) assume that the pair will decline in near term. Only 35% of traders believe that the sharp bullish movement will continue till the end of the week.
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