NZD/USD Dips to 81.5, But Recovers

NZD/USD Dips to 81.5, But Recovers

"The NZD/USD is unlikely to return to its peaks. That said, we see the NZD/USD well supported in the near-term, and expect it to trade above 0.80 for much of the first half of 2014." - Bank of New Zealand (based on The New Zealand Herald)

Pair's Outlook

Pair dipped till 81.5 cents, peaking slightly above 0.8225, but soon recovered and is hovering slightly above 82 cent mark. It seems we might be seeing similar ups and downs in the nearest future. In order to ignite a trendy move the pair should dip below the December low or peak above the 100-day SMA.

Traders' Sentiment

Market is dominated by the bulls at the moment although we saw completely different view a few days ago. Long traders now hold 69% of all open positions in the market. In addition, at least 58% of pending orders are set in their favor as well.