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However, there is a strong resistance level at 0.94 that may prevent further appreciation of the New Zealand Dollar, represented by the 2014 Jun and Jul highs. If this obstacle is overcome and the up-trend at 0.94 remains intact, the price will likely target 0.96 next, namely the 2014 May peak. At the same time, the SWFX market is pessimistic with respect to the bullish potential of the Kiwi, being that three out of four open positions on NZD/CAD are short.
© Dukascopy Bank SA