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"Heading into Thursday's (RBNZ) meeting the market is pricing just over a 50 percent chance of a first 25 basis point OCR move by March next year, and around 85 basis points of hikes in the coming 12 months."
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
It seems that bearishness of the last week's sell off kicked in again as at the moment the pair is approaching 55-day SMA/October low. In order to neutralize this bearish sentiment the pair should (unexpectedly) advance above 0.8368. In case the pair dips below the 0.8212 we should start looking in to 81 cent mark, with 81.5 being an interim target.
Traders' Sentiment
Market sentiment itself has not changed. Bears continue to hold 74% of all open positions on the pair. However, we can observe increased pressure on them as bullish side of pending orders increased by 9% and is at 73%.
© Dukascopy Bank SA