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– Tim Kelleher, ASB Bank (based on New Zealand Dollar)
Pair's Outlook
The NZD/USD exchange rate had fallen and touched the monthly R1 at 0.7298 by mid-Monday. Previously, on Friday the currency exchange rate bounced between the monthly R1 and the currency exchange rate's medium term ascending channel pattern's upper trend line, which on Monday was located at 0.7344. It seems like the Kiwi will continue bouncing between the two before mentioned levels of significance. Moreover, such a hypothesis is support by the daily aggregate technical indicators. However, in a longer term, the Kiwi is set to gain against the Greenback.
Traders' Sentiment
Traders remain short, namely 65% of open positions are short. However, 62% of trader set up orders are set to buy the Kiwi.
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