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– Imre Speizer, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
By the middle of Monday's trading session the New Zealand Dollar had fallen below the 0.6950 mark against the US Dollar. The movement lower was a continuation of the fall, which began last Tuesday, when the currency exchange rate encountered the resistance put up by the 100-day SMA at 0.7206. At the moment, the NZD/USD rate is at a possible turning point, as it has reached the combined support level of the large and medium scale pattern lower trend lines. The pair is either set to continue lower, as indicated by fundamental clues or rebound and continue the long term surge.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 66% of open positions remain short. Meanwhile, trader set up orders have become largely bearish, as 66% of pending commands were set up to sell.
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