© Dukascopy Bank SA
"Lower exports to Australia contributed to the overall fall in export values."
-Statistics New Zealand (based on Market Watch)
Pair's Outlook
After failed attempt to recover Mondays loses pair is once again testing 0.8200, but was kicked back by Fibonacci (38.2% of move since 5th of September)/monthly pivot (R1) at 0.8185/78. Although indicators point at recovery of the pair, rapid drop to 0.8141/21 after breaching 0.8200 is much more likely.
Traders' Sentiment
NZD is the most sold major currency across the board today—in 73% of all cases (-1% since yesterday). As a result, 74% of traders continue to hold short positions on the pair and 53% of all pending orders on the pair are short.
© Dukascopy Bank SA