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- Merrill Lynch (based on FXStreet)
Pair's Outlook
The Kiwi edged higher against its US counterpart on Thursday. Although the NZD/USD reached yesterday's open price, the trading sessions still ended with the pair stabilising at 0.6920. The New Zealand Dollar is expected to slide down again today, with the support cluster at 0.6876, namely the weekly S1 and Bollinger band, limiting the losses. The weekly S1 succeeded in preventing the deeper falls on several occasions in the past and is likely to do so again today. Meanwhile, technical studies retain mixed signals, unable to confirm the scenario.
Traders' Sentiment
Long positions returned to its Monday's level of 47%, while the share of purchase orders increased from 51 to 58%.
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