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- Imre Speizer, Westpac Banking Corp. (based on New Zealand Herald)
Pair's Outlook
By the middle of the trading session on Wednesday the New Zealand Dollar had failed to find support in the weekly S1, which is located at 0.6956, against the US Dollar. Due to this factor it is highly likely that the currency exchange rate will first fall to the weekly S2 at 0.6862 level. Below that level is the monthly S3 at 0.6844 mark, which is located exactly at the level, where the lower trend line of a large scale descending channel pattern is located at. It is possible that the rate would find support in one of those supports and the expected consolidation would also begin in that case.
Traders' Sentiment
Traders have changed their opinion, as 53% of open positions are long on Wednesday. In addition, 64% of trader set up orders are to sell the US Dollar.
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