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"We'd expect other analysts to also be revisiting their forecasts. Upward revisions might provide NZD some support through today's session."
- Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
The NZ Dollar is about to post a third day of gains in a row. However, from a technical stand point, also considering the indicators, the outlook is bearish, and the recovery should soon come to an end. The monthly pivot point at 0.6375 is expected to be the turning point, from which NZD/USD should make an attempt to retest 2009 Q3 low. If the Kiwi climbs over 0.6375, however, the new target will be at 0.65, where the weekly R2 merges with the 55-day SMA.
Traders' Sentiment
The sentiment in the SWFX market remains neutral. Bears exceed bulls by a relatively small margin—six percentage points. As for the orders, 68% of them in the radius of 100 pips are set to sell the Kiwi against the Greenback.
© Dukascopy Bank SA