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– Michael Johnston, HiFX (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar surged by the middle of Monday's trading session against the Greenback. However, the rate still remained near the 0.72 mark after touching the resistance of 0.7220, which kept the rate down during the last week. It is most likely that the currency exchange rate will continue to bounce between the 0.7220 mark and the support levels below it. Particularly, the pair will find most support in the 38.20% Fibonacci retracement level at 0.7134. In addition, newly calculated weekly aggregate technical indicators support a forecast of no changes on a weekly timeframe.
Traders' Sentiment
Traders remain largely short. 32% of open positions are bearish. In the meantime, 53% of trader set up orders are to buy the Kiwi.
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