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- Wells Fargo (based on The Business Times)
Pair's Outlook
The New Zealand Dollar was not spared on Thursday, as it suffered another serious loss against the Greenback, having lost 78 pips. Strong pressure remains, which is to push the Kiwi even lower today. As a result, the 0.70 threshold can be crossed to the downside, as the closest demand area is located only around 0.6985, represented by the weekly S2 and the lower Bollinger band. In case the given support fails to hold the NZD/USD pair afloat the next target will be the 0.6940 level—where the support line of the 16-month ascending channel coincides with the support line of the five-month ascending channel pattern.
Traders' Sentiment
Today 69% of all open positions are short (previously 70%), whereas the portion of buy orders surged from 52 to 56%.
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