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– based on investing.com
Pair's Outlook
The New Zealand Dollar is in a second consecutive session of gains against the US Dollar, as the Brexit shock dwindles in its aftermath. At the moment, the pair is moving back towards the trend line at 0.7140, which was broke last week. However, the resistance provided by the trend line is also strengthened by the weekly pivot point and 38.20% Fibonacci retracement. In addition, the aggregate technical indicators support a surge for today, as only SAR indicator forecasts a downward movement for the pair.
Traders' Sentiment
In addition to all the technical and fundamental data, the pair is also oversold, as 71% of all open SWFX positions are short. Moreover, pending orders in the 100-pip range are also short, with 81% of orders being bearish.
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