© Dukascopy Bank SA
"The absence of any new bad news to spoil (the) investors' party has seen the cheery mood of last week carry through to the new week."
- Mike Jones, Bank of New Zealand (based on CNBC)
Pair's Outlook
Although Kiwi was stable against the greenback today, it is expected that pair's bullish bias will end soon and pair will start depreciating in the near future as pair is approaching weekly and daily pivot points at 0.8228 and 0.8270 which it is not likely to breach. It is highly likely that first target on its path down will be daily pivot at 0.8167 breach of which would pave the way to reach 0.8117.
Traders' Sentiment
At the moment the amount of short positions on the currency pair mildly outweighs the amount of longs ones, as their portions in the SWFX marketplace are 53% and 47%, respectively. Moreover, within the range of 100 pips from the current price sell orders exceed buy orders by 6%, implying the possibility of slight amplification of bearish sentiment in the nearest future.
© Dukascopy Bank SA