© Dukascopy Bank SA
— Stuart Ive, OMF (based on New Zealand Herald)
Pair's Outlook
By the middle of Thursday's trading session the New Zealand Dollar had erased more than half of the Fed announcement gains against the US Dollar, as the currency exchange rate had plummeted below the 0.6975 level. If nothing changes fundamentally, the currency pair is set to fall as low as the 0.6956 level, where the weekly S1 is positioned. If that level of significance gets passed, the currency pair would be at the previous levels, where it awaited for the announcement of the Federal Funds rate. It has to be noted, that the Kiwi is not as much dictated by the fundamentals of the US, as the New Zealand's central bankers, who want to see the rate much lower.
Traders' Sentiment
SWFX traders are bullish, as 60% of trader open positions are long, and 59% of trader set up orders are to buy the Kiwi.
© Dukascopy Bank SA