© Dukascopy Bank SA
— Jamie Saettele, Daily FX
Pair's Outlook
By the middle of Wednesday's trading session the New Zealand Dollar depreciated against the US Dollar, as the currency exchange rate was heading lower with no close by support level near it. Almost at the start of the trading session the pair fell below the 20-day SMA at 0.7041. Due to that reason the closest support level is located at the 0.6988 level, where the weekly PP is located at. It is also supported by the monthly S2, which is located one base point lower, at 0.6987. If nothing changes fundamentally, the pair is most likely going to fall down to the described support cluster.
Traders' Sentiment
SWFX market trader sentiment is almost neutral, as 52% of trader set up orders are long, compared to 60% on Friday. In addition, 55% trader set up orders are to sell the Kiwi.
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