© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar confirmed fully the rising wedge and channel up patterns, in which the Kiwi trades against the US Dollar. The currency exchange rate skyrocketed by mid-Tuesday to the first weekly resistance at 0.7347, which hindered the rates jump to even further heights. Previously, for four consecutive trading session the currency pair was fluctuating near two almost identical trend lines, which both form a strong support cluster. As this confirmation has occurred, it is clear that the rate is most likely to surge in the upcoming sessions.
Traders' Sentiment
Traders retain a largely bearish view on the pair, as 64% of open positions are short. In the meantime, pending orders have remained unchanged since yesterday and are 60% to sell the pair.
© Dukascopy Bank SA