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Pair's Outlook
The New Zealand Dollar booked large gains on Tuesday against the US Dollar, as the currency rate surged from 0.6997 to 0.7057, and the rate momentarily reached above the monthly PP at 0.7069. However, during the first half of Wednesday's trading session the Kiwi lost one third of yesterday's gains against the Greenback, as the pair was trading at 0.7038 by 11:15 GMT. However, the pair is seeing support provided by the weekly PP at 0.7037 and the 55-day SMA at 0.7005.
Traders' Sentiment
Trader sentiment is unchanged on Wednesday, as 73% of open positions are short on Wednesday. In the meantime, pending orders in the 100-pip range are 58% short.
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