© Dukascopy Bank SA
- Australia and New Zealand Banking Group (based on New Zealand Herald)
Pair's Outlook
As mentioned before, the Kiwi moved to confirm the rising wedge pattern's lower trend line against the US Dollar, as the currency exchange rate fell to the support cluster below. The currency rate slightly rebounded by the end of Tuesday's trading session, and it continued to move northward by midday on Wednesday. At the moment, most data indicates at a surge, as there are no major resistance levels up to the weekly PP at 0.7365, the daily aggregate technical indicators forecast a surge and the move is congruent with the rising wedge pattern.
Traders' Sentiment
Traders returned to the largely bearish view on the pair, as 36% of open positions are short. In the meantime, pending orders are 58% to sell the pair.
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