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– Paul Ashworth, Capital Economics (based on Reuters)
Pair's Outlook
The New Zealand Dollar fell and approached the weekly R1 at 0.7298 against the US Dollar by mid-day on Friday. Previously, on Thursday the currency exchange rate ended the session at 0.7342, where a possible trend line of an ascending channel pattern was marked yesterday. The pair did not even attempt to break the resistance of the pattern's resistance line and began to fall at the start of Friday's trading. Although, as the rate has already rebounded against the weekly R1, it is most likely that the Kiwi will regain some of its losses against the Greenback.
Traders' Sentiment
Trader remain largely bearish on the pair, as 64% of open positions are short on Friday. However, 66% of trader set up orders are to buy the Kiwi.
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