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"The kiwi has performed quite strongly, the trade figures overnight were stronger than expected."
– Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
Since the pair started to strengthen few days ago the bulls have pushed it higher and it reached a new more than a two year high. At the moment NZD/USD bullishness is held back by the resistance at 0.8675, which is 2013 high. If the pair breaches this level then it will face weekly R2 at 0.8699 and major level at 0.8700. However, it is possible that it could slip back towards weekly R1 at 0.8619.
Traders' Sentiment
Slightly more SWFX traders are bullish (30%) as the Kiwi has proven its strength lately; however, still an overwhelming majority are bearish (70%). As for the orders placed 100 pips from the spot, there are now considerably less orders to enter the market with a buy trade – 15%, after yesterday's 28%.
© Dukascopy Bank SA