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- NZForex (based on the BusinessDesk)
Pair's Outlook
The Kiwi has extended its yesterday's advance against the US currency, as the pair is trading around this week's opening level at 0.7781. We see a potential to appreciate towards the monthly PP and 55-day SMA at 0.7832/34, while a climb higher seems questionable. Moreover, the daily and weekly technical indicators are putting a bearish pressure on the pair by pointing to the south, while the monthly ones are still neutral.
Traders' Sentiment
While the sentiment of the SWFX market participants remains neutral with respect to NZD/USD, since the amount of long and short positions opened are equal. The share of sell commands is expanding, and it has already reached a substantial level—74%.
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