© Dukascopy Bank SA
"Long kiwi positions have started unwinding amid deteriorating global sentiment. Unless Spain requests a bailout this week, we expect sentiment to remain weak."
-Westpac (based on Economic Times)
Pair's Outlook
Pair started week with a dip to 0.813, but received a bullish impetus from there and is currently supported by Fibonacci retracement (38.2% of 5th to 14th of October move)/monthly pivot point at 0.8185/75. It is likely this rally will continue for few more days as advancement far above 0.82 is not likely as pair is bound to meat strong resistance in higher levels
Traders' Sentiment
Supporters of a stronger New Zealand Dollar in terms of its U.S. peer are in a pronounced minority, constituting 30% of the market. Consequently, SWFX traders' sentiment towards NZD/USD is negative. As for the orders, 41% of traders intend to acquire the kiwi and 59% plan to sell it.
© Dukascopy Bank SA