© Dukascopy Bank SA
- ASB Institutional (based on the New Zealand Herald)
Pair's Outlook
The weekly PP at 0.8669 was broken once again today; however, the Kiwi did not manage to establish itself there. All of the technical indicators are bullish and that could help to push the pair higher. In case the New Zealand Dollar fails to break the weekly PP again then the pair could decline below the monthly PP at 0.8624. Nevertheless, at the moment we expect the pair to fluctuate between the monthly and weekly PPs.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the Kiwi to be overvalued relative to the greenback. Right now 71% of traders are short the Kiwi, while merely 29% of them believe the currency is going to appreciate.
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