© Dukascopy Bank SA
"The kiwi will probably remain contained in the range of the last couple of months rather than breaking any new direction. Just recently we have seen a pickup in sentiment towards the US dollar and it has had quite a strong bounce and I think that might continue over the next few weeks."
- Westpac Bank (based on New Zealand Herald)
Pair's Outlook
Pair is showing some bullish properties, but it is very likely it might remain somewhat range bound between 0.8195 and 0.8335 as it was in the last week or so. If the pair dips below 0.8195 it should find support with the 200-day SMA. Only a dip below it could provoke a further failure. In order to start a recovery to the recent high of 85 cents the pair should advance above 20-day SMA.
Traders' Sentiment
Kiwi remains one of the most sold major currencies across the board. Share of bears in the market, however, decreased by 8% and is at 63% gauge today as 73% of all pending orders remain set in favour of the bulls.
© Dukascopy Bank SA