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- UOB (based on FXStreet)
Pair's Outlook
The Kiwi remained relatively unchanged against its US counterpart on Wednesday, having inched only five pips lower. Nevertheless, the NZ Dollar is likely to keep trading lower against the Buck today, as negative news from the RBNZ weighed heavily on the given pair. This news still outweighs the poor US CPI data, meaning that there is no impetus for the NZD/USD pair to recover from its intraday losses completely. A close below 0.69 is the base case scenario, with the closest support located at 0.6885 in face of the weekly R1. Technical indicators would have confirmed a bullish outlook in case there were negative news from the RBNZ, which are driving the NZD lower.
Traders' Sentiment
There are 61% of traders being short the Kiwi, while 66% of all pending orders are to buy the New Zealand Dollar (previously 35%).
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