© Dukascopy Bank SA
- OMF (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar almost completely erased its preceding day's losses on Friday, having climbed back over the 0.69 mark. Despite open with a bearish gap due to the Doha oil meeting, a strong reading of the New Zealand CPI provided enough impetus for the NZD/USD currency pair to keep edging higher today. The weekly PP, which is the immediate resistance, will doubtfully remain in play, leaving the 12-week trend-line to contain the pair's volatility near 0.6947. In the meantime, technical indicators also suggest that the Kiwi is to keep outperforming the US Dollar.
Traders' Sentiment
Traders' sentiment remains unchanged since Friday, with bears taking up 60% of the market. At the same time, the percentage of orders to acquire the NZ Dollar increased from 57 to 64%.
© Dukascopy Bank SA