© Dukascopy Bank SA
- Citigroup Inc. (based on Bloomberg)
Pair's Outlook
After last week's losses the pair has started slow, at the moment it is attacking the major level at 0.87. The pair might be a bit stuck in current trading range from the monthly PP at 0.8654 to the major level at 0.87. It should be noted that the pair is very well supported, therefore, pair's drop below the cluster of resistances (monthly PP, 55 and 100-day SMAs and weekly S1) is not likely in the short term. However, it is not out of the picture as daily technicals are bearish.
Traders' Sentiment
The sentiment is slowly recovering from strongly bearish, still, only 37% of the SWFX market participants are long the Kiwi. The gap between the buy (29%) and sell (71%) orders placed 100 pips from the spot is significant for now.
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