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"The New Zealand dollar could gain some support domestically. We expect it should be well above the current estimate for the season just ending."
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
After being depressed below 0.81 for a full trading week the pair managed to breach this level today. It seems that main driver behind it was a bullish impetus which pair received from monthly pivot (S3) at 0.806. Short term technicals suggest that this step up might be short lived and pair is likely to return trading sideways below 0.81.
Traders' Sentiment
Market sentiment remains almost equally divided between the bulls and the bears suggesting that pair might continue trading sideways. Distribution of pending orders, however, suggest that bulls might initiate rally anytime now as 63% of all pending orders are to go long.
© Dukascopy Bank SA