© Dukascopy Bank SA
- Paul McBeth, New Zealand Herald
Pair's Outlook
By the middle of Thursday's trading session the New Zealand Dollar managed to book a new record low level against the US Dollar. The new booked low level is the 0.6890 mark. The currency exchange rate was still positioned to move even lower, as the closest notable support level, which could reverse its direction was the weekly S2 at 0.6862 level, which is support by the monthly S3 at 0.6844. In addition, the rate might also reverse due to the fact that at 0.6824 is located the lower trend line of a long term descending channel pattern.
Traders' Sentiment
SWFX traders have increased their bullish outlook, as 61% of open positions are long on Thursday, compared to 53% on Wednesday. Moreover, 66% of trader set up orders are set to buy the Kiwi.
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