© Dukascopy Bank SA
– Joseph Trevisani, WorldWideMarkets (based on Reuters)
Pair's Outlook
The New Zealand Dollar was almost unchanged against the US Dollar by mid-day on Monday. The currency exchange rate remained firmly near the 0.71 mark due to the fact that it kept failing at moving either way, as the pair is squeezed in by various levels of significance. From both sides there are clusters, which keep the rate pressured in a range from 0.7076 to 0.7160. It is most unlikely that the rate will break out of this range without a push provided by fundamental events.
Traders' Sentiment
Traders have not changed their opinion, as 64% of SWFX open positions are short. In the meantime, 52% of trader set up orders are to sell the Kiwi.
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