© Dukascopy Bank SA
– Paul McBeth, New Zealand Herald
Pair's Outlook
The New Zealand Dollar continued to decline against the US Dollar during the first half of Wednesday's trading session. However, traders, who already shorted the rate on Tuesday to take profit from the move down to the support cluster near 0.7130 level, have taken profit, as the pair already touched the support level. Although, the rate is still set to make another attempt to move past the before mentioned support cluster, which consists of six various levels of significance from 0.7138 to 0.7112.
Traders' Sentiment
Traders remain bearish on the pair, as 59% of trader open positions are short. However, trader set up orders have shifted and become slightly bullish, as 52% of trader set up pending commands are set to buy the Kiwi.
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