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- Janet Yellen, Fed Chairwoman
Pair's Outlook
NZD/USD used the 100-day SMA as a springboard and surged through the monthly R1, reaching the weekly R1 at 0.8366. If the tendency is preserved in spite of the technical studies, which are mixed, the currency pair will soon reach a formidable resistance at 0.84. This round level may prevent further appreciation of the kiwi and force it to retreat back to 0.8256/32.
Traders' Sentiment
An overwhelming majority (72%) of the SWFX market participants consider the New Zealand Dollar to be overvalued, as they are currently holding short positions on the currency. As for the orders 100 pips from the spot, as many as 79% of them are set to sell the kiwi against the greenback.
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