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– based on economies.com
Pair's Outlook
The Kiwi is stuck amidst various resistance and support levels against the Greenback on Tuesday. The currency exchange rate bounced between the monthly PP at 0.7163 from the upside, the 20-day SMA down below at 0.7120 and the 38.20% Fibo in the middle at 0.7145. By 11:15 GMT the currency pair was just above the 38.20% Fibo at 0.7147. However, on a weekly scale the New Zealand Dollar is still in a downwards aimed channel pattern against the US Dollar, and the pair still has not reached the line connecting the July and May low levels.
Traders' Sentiment
SWFX traders marked the 35th session of major bearishness on the pair, as only 25% of open positions were long on Tuesday. Pending commands remained bullish, as 54% of open positions were to buy.
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