© Dukascopy Bank SA
"This cross made another new cycle high last night before pulling back. We would expect the data today to reinforce NZD strength with the NZ Half-Year and Economic Fiscal Update expected to remain strong whilst the RBA minutes continue to inject caution."
- ANZ New Zealand (based on The New Zealand Herald)
Pair's Outlook
Pair failed to gain pace as it continues to hover below the 55-day SMA. Even if the pair manages to peak above this level, it should breach weekly and monthly S1 in order to ignite a full pledged rally which seems doubtful at the moment. Possibility of a dip below the 0.8228/191 area also seems unfound. All in all, it seems the pair is bound to be range bound for some time.
Traders' Sentiment
In one more case we are seeing no change in the market sentiment. Bears continue to dominate in the market with 71% of holding and pending orders are equally divided between the long and short traders.
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