© Dukascopy Bank SA
- Westpac (based on the New Zealand Herald)
Pair's Outlook
After falling yesterday the Kiwi managed to reverse some of the losses as the weekly S1 at 0.8434 stopped its decline and pushed the New Zealand currency higher. However, the pair is still on a downtrend and we expect the Kiwi to slip below the weekly S1 at 0.8434 and reach the major level at 0.84. And while the monthly technical studies are presently bullish, the currency pair is unlikely to move far beyond 0.85.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Kiwi is going to fall relative to the U.S. Dollar; but overall the bears are still in a majority, as they take up 55% of the market, and this is a reasonable advantage over the bulls (45%).
© Dukascopy Bank SA