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- Vantage FX (based on investing.com)
Pair's Outlook
The New Zealand Dollar continued its decline against the US Dollar during the first half of Monday's trading. During that time the currency pair broke the medium term ascending channel pattern, in which it had traded since the start of January. In the meantime, the rate also fell below the newly calculated weekly PP, which is located at 0.7249. Due to these factors combined, it can be seen that from a technical analysis perspective the currency exchange rate is set to fall to the weekly S1, which is located at 0.7184, as there are no other support levels until that level.
Traders' Sentiment
Traders continue to short the Kiwi, as 74% of open positions are bearish on Monday. In addition, 66% of trader set up orders are to sell.
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