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"The kiwi dollar is still becalmed after the rises of last week, weighing up before the GDT auction tonight. If we see the price come in around flat, that may take some of the upward momentum away from the kiwi."
- OMF (based on New Zealand Herald)
Pair's Outlook
Despite the fact that the Kiwi-Dollar pair dropped through the rising support trend-line, the bears do not seem to be active. However, eventually the price should develop a downward momentum, considering that the upside is limited by a solid resistance level at 0.7020, represented by the 200-day SMA. Additionally, five out of eight monthly technical indicators are giving ‘sell' signals, with only three being bullish. The closest significant support is the monthly R3 near the round level of 0.67.
Traders' Sentiment
There are more bears at the moment—they take up 57% of the SWFX market, though their advantage is not as impressive as five days ago, when 7 out of 10 positions were short.
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