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"New Zealand is expected to be the first Western country to start raising interest rates - it's going to happen but it's tough for the Reserve Bank with the kiwi and TWI up here."
- HiFX (based on The New Zealand Herald)
Pair's Outlook
Pair failed tom consolidate around 83 cent as today's failure at the weekly R1 has provoked a major sell off. At the moment it is approaching support area with weekly S1/monthly PP/55-day SMA. It is likely to hold initial test, but the pair seems to be keen to go even lower. 2014 low around 81 cent mark might be the medium to long term target of the pair. In order to uplift most of this risk it should bounce above the 0.8300.
Traders' Sentiment
Bears now fully dominate the market. They hold overwhelming majority, 74%, of all open positions on the pair. In addition to this, there are no long pending orders in the market today although yesterday they were in relative equilibrium with short orders.
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