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"Overall the current account outcome was a mild positive through the smaller than expected annual deficit, as Q1 revisions more than offset the slightly larger than expected second quarter deficit."
-ASB (based on TVNZ)
Pair's Outlook
Fibonacci (23.6% of move since 5th of September) and weekly pivot (PP) at 0.8249/39 provided enough support for the pair but it lacks momentum to advance further and is stuck below 0.83. Although technical indicators point at appreciation of the pair it is much more likely pair will continue to stay in current range between 0.8250 and 0.83.
Traders' Sentiment
NZD remains the most sold currency over the board—in 75% of all cases. Consequently, bearish sentiment persists as 73% of traders hold short positions on the pair. However, 75% (5% more since yesterday) of all posted orders on the pair are buy orders suggesting a possible major shift of sentiment in the future.
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