"With little domestic economic news scheduled, traders will likely look for offshore events to drive the direction to the kiwi."
— Business Desk (based on New Zealand Herald)
Pair's outlook
The New Zealand Dollar has broken past the 0.71 mark against the US Dollar. However, by the middle of Wednesday's trading session the currency exchange rate had bounced off the strong resistance cluster near the 0.7125 mark, which has been mentioned previously. It is most likely that the pair will not be able to pass it easily without fundamental support, and the rate will remain below this level until the US employment data package is released on Friday. From a technical viewpoint that would also give time for the upper Bollinger band to move higher.
Traders' sentiment
Trader bearish sentiment has increased, as 59% of open positions are short, compared to 52% previously. Meanwhile, 52% of set up orders are to buy the Kiwi.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -18% | -4% | -4% | |
| Orders | 4% | 10% | 14% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Sell | Sell | |
| RSI (14) | Sell | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Sell | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Sell | Sell | |
| SAR (0.02; 0.2) | Buy | Sell | Sell | |
| Aggregate | → | ↘ | ↘ | |