© Dukascopy Bank SA
- Sheldon Slabbert, CMC Markets (based on New Zealand Herald)
Pair's Outlook
During the first half of Monday's trading session the New Zealand Dollar struggled to find support against the US Dollar, as the currency exchange rate was being pressured lower by the upper trend line of the recently discovered descending channel pattern. As the pair had managed to reach below the combined support of the weekly and monthly pivot points, it is most likely that the currency pair will pass the support cluster and move lower. The next target for the currency exchange rate in that case would then be the support cluster, which surrounds the 0.7130 level.
Traders' Sentiment
Traders continue to short the Kiwi, as 56% of SWFX trader open positions were short regarding the pair. Meanwhile, 52% of pending commands are set up to sell the New Zealand Dollar.
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