© Dukascopy Bank SA
"The upbeat data of yesterday is helping buoy the cross and that's underpinned the kiwi more generally on the cross rates such that we have outperformed once again against the likes of the euro and the yen."
- Bank of New Zealand (based on AAP)
Pair's Outlook
Pair did not manage to advance above the weekly R1 yesterday, but seems to be aiming at it once again. However, we do not think it will manage to advance to or above it any time soon even having in mind that it will be irrelevant soon. In our opinion pair will hover slightly below the monthly PP until it will get some sort of bullish or bearish impetus.
Traders' Sentiment
Pressure on the bears is increasing in the kiwi-greenback cross as bullish side of pending orders increased by 13% and is at 58% gauge today. Bears, however, continue to hold overwhelming majority (72%) of all open positions on the pair.
© Dukascopy Bank SA