NZD/USD stable after reaching 9 month high

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"You can count on one hand the number of times the New Zealand has got over 84 cents since the free float of the currency."
- HiFX (based on TVNZ) 

Pair's Outlook

After strong rally yesterday pair has been fluctuating in 30 pip range today. It seems that some of market participants are trying to adjust their portfolios to the new high. Technical indicators point at continuation of this rally, but Bollinger band should keep some pressure on the pair. In addition, it is worth paying attention to the fact that the Stochastic indicator is deep in overbought area, but %K  and %D have not intersected yet.

Traders' Sentiment

Not much has changed in the recent day and 72% of traders continue holding short positions on the pair. We should not see any major changes in the future as well, since only slim majority (54%) of pending orders on the pair are to go long. 

© Dukascopy Bank SA
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