© Dukascopy Bank SA
- Jamie Saettele, CMT, (based on Daily FX)
Pair's Outlook
The New Zealand Dollar has regained all of the previous session losses against the US Dollar, as the currency exchange rate surged on Thursday from 0.7136 to 0.7230 by end of the day's trading session. In addition, the pair continued to surge in the first half of Friday, as it broke through the resistance put up by the first weekly R1 at 0.7257. Moreover, daily aggregate technical indicators forecast a continuation of the surge for the pair today, which means that the rate will challenge the weekly R2 at 0.7336.
Traders' Sentiment
Traders are still majorly bearish on the pair, as 73% of open positions are short. In the meantime, pending orders are 74% short, which indicates that the pair is set to be sold off even more.
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