© Dukascopy Bank SA
- Sharon Zollner, ANZ Bank New Zealand (based on New Zealand Dollar)
Pair's Outlook
During the first half of Thursday's trading session the Kiwi has found support and begun a surge against the Greenback, which continued into the second half of the day's trading. The pair found support in the support cluster made up of the weekly and monthly pivot points, respectively, at 0.7187 and 0.7184. As a result of the rebound, the currency exchange rate managed to surge above the 0.7230 level, and it was set to surge to at least the 0.7240 level, where the weekly R1 and 20-day SMA are located at.
Traders' Sentiment
SWFX traders remain bearish on the Kiwi, as 56% of open positions are short on Thursday. In the meantime, 52% of trader set up orders are to sell, compared to 40% on Wednesday.
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