— Christopher Vecchio, Daily FX
Pair's Outlook
The New Zealand Dollar has fulfilled the recent hypothesis of its movements against the US Dollar. The targeted resistance of the monthly PP, which is located at the 0.7033 level, was reached during the first half of Monday's trading session. In the near future the currency exchange rate will either pass the resistance and reach the weekly R1, which is located at the 0.7051 level, or bounce off it. In the case of a decline the currency pair would fall down to the 20-day SMA at 0.7003 level and the weekly PP further below at 0.6981.
Traders' Sentiment
SWFX traders are bullish on the pair, as 59% of open positions are lone. However, 56% of trader set up orders are to sell the Kiwi.
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