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"In previous meetings, RBNZ expressed a lot of concern on the strength of their currency. I think that concern will show up less in the statement this time. On balance, we could see the statement being supportive of the kiwi."
- Greg Gibbs, Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
NZD/USD rose moderately today as the US monthly retails sales contracted more than expected (-0.2% act./-0.1% est.). If bullish momentum to hold further, 0.7846 (61.80% Fibo) and 0.7906 (55-day ma) are likely to be the next targets among bearish market participants.
Traders' Sentiment
Even though the share of long positions exceeds the share of short positions on NZD/USD, the traders' sentiment is becoming more and more neutral. Presently the ratio between bulls and bears is 57% to 43%. Within 100 points from the recent market price, the sentiment remains undecided as the shares of long and short positions are almost equal (52%/48%).
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