© Dukascopy Bank SA
- Kyosuke Suzuki, Societe Generale (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar plummeted during the first half of Wednesday's trading session against the Greenback, as the currency exchange rate fell and touched the 0.71 level. The move was initiated by the rates failure to break through the resistance put up by the weekly PP, which is located at 0.7196. As a result of the failure of the break higher the currency pair fell and passed a massive support cluster made up of six various levels of significance, most of which began to provide resistance to the pair in the second part of the day. Due to that reason a rebound of the rate is most unlikely.
Traders' Sentiment
SWFX market sentiment remains bearish on the Kiwi, as 57% of open positions are short. However, 70% of trader set up orders are set to sell the Buck in favor for the New Zealand Dollar.
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