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"It is surprising the kiwi hasn't got higher (against the Australian dollar) already."
- HiFX (based on The New Zealand Herald)
Pair's Outlook
Pair started the day with minor dip, but was pushed back up by 60 pips at some point after receiving an impetus from 0.8198. It seems we will have to wait for an advance above recent high at 0.8267 as currently tested weekly pivot (R1) at 0.8247 is becoming quite an obstacle and pair is likely to return closer to 0.821.
Traders' Sentiment
Three quarters of market participants perceive kiwi as the weaker currency in the pair and hold short positions on it. Distribution of pending orders suggest that bears will continue to dominate in the market as 62% of all pending orders are to go short.
© Dukascopy Bank SA