© Dukascopy Bank SA
- HiFX in Auckland (based on the New Zealand Herald)
Pair's Outlook
Last week the pair declined from monthly PP at 0.8622 to 0.8560 and later towards last year's 4Q high at 0.8544. We think that the Kiwi has already topped at the beginning of this month; therefore, we see the pair weakening towards the 100-day SMA and weekly/monthly S1 at 0.8503/0.8496. Nonetheless, pair's technicals are largely bullish, that can encourage pair's bulls. Ultimately, we anticipate the Kiwi to depreciate closer to the major level at 0.84.
Traders' Sentiment
The sentiment towards NZD/USD slightly improved, but a majority of the market participants are still expecting the Kiwi to underperform, namely 69% of them. The distribution between the buy and sell orders is very unstable—78% and 22% respectively.
© Dukascopy Bank SA