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- Business Desk
Pair's Outlook
In the first half of Thursday's trading the New Zealand Dollar doubled its losses against the US Dollar, as the currency exchange rate plummeted below the 0.71 level. The drop was stopped by the fresh monthly S1, which is located at 0.7090. However, as the move was initiated by fundamental events, which caused the strength of the US Dollar to increase, it is possible that the monthly S1 will be soon passed, as the Greenback gains more strength. In such case the rate would fall to the weekly S2 at 0.7079. If that level would be passed, the way down to the 0.7028 mark, where the weekly S3 is located, would be free.
Traders' Sentiment
SWFX traders remain bearish on the Kiwi, as 54% of open positions are short. However, 68% of trader set up orders are set to sell the Buck.
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