© Dukascopy Bank SA
– based on Market Pulse
Pair's Outlook
As the Kiwi was bouncing back and forth this week against the US Dollar, no clear direction could be determined for the currency exchange rate. However, on Wednesday, the pair moved only slightly lower, as it started day's trading at 0.7305 and ended it at 0.7277. Although the New Zealand Dollar depreciated against the US Dollar, as the Reserve Bank of New Zealand announced an unplanned meeting. Because of that the pair fell below the weekly pivot point at 0.7233, and it traded at 0.7200 by 11:15 GMT.
Traders' Sentiment
Traders were majorly bearish on the pair in the past weeks. However, on Thursday SWFX traders have increased that sentiment even more, as 75% of all open positions are short today. However, pending commands in 100-pip range are 72% long, which indicates and upcoming turnaround.
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