© Dukascopy Bank SA
"We expect the kiwi to retest 77 US cents in the early part of this week. Volatility will remain high."
- ANZ New Zealand (based on TVNZ)
Pair's Outlook
Pair has got significant support from the 0.7716. It might be that this level might cause at least a short term correction. Longer term outlook, however, remains rather negative. On the other hand, major market participants, which put their expectations in to 0.84 cent area might try to kick the pair higher. In any case, for the time being most of the attention should be focused in to the short term rallies and 0.75 cent area.
Traders' Sentiment
Bulls strengthened their presence in the market by additional 1% and at the moment they account for 60% of market participants. As in case with the aussie it might be an indication of that pair has reached its new low already. Majority of pending orders (61%) are in favour for the bulls as well.
© Dukascopy Bank SA