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- UOB Group (based on FXStreet)
Pair's Outlook
The New Zealand Dollar behaved in accordance with the forecast, as it weakened against the US Dollar, with volatility limited by the 0.6760 level. Since the pair opened closer to this mark today, a rebound is likely to take place, while the weekly PP is providing immediate resistance at 0.6779. Nevertheless, this pivot point will doubtfully prevent the NZD/USD pair from edging higher, thus, the second resistance area, located around 0.6825 and represented by the monthly S1, the 55-day SMA and the weekly R1, is to provide sufficient supply to hold the price possibly even below 0.68.
Traders' Sentiment
Market sentiment shifted to the bearish side, as 51% of all open positions are now short (previously 49%). At the same time, a relatively high portion of all pending orders are to sell the Kiwi, namely 83%.
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