© Dukascopy Bank SA
– based on Economies.com
Pair's Outlook
The New Zealand Dollar surged from 0.7231 to 0.7309 against the US Dollar during Friday's trading session. However, the currency exchange rate started Monday's session slightly lower at 0.7305, and the Kiwi depreciated against the Greenback for the first half of Monday, as it reached 0.7252 by 11:45 GMT. Although, daily aggregate technical indicators forecast a surge for the pair today. In addition, the rate touched the weekly PP at 0.7233, and rebounded against it, and if the rate is not hindered by the upper Bollinger band at 0.7310, it will move to a resistance cluster around 0.7380.
Traders' Sentiment
SWFX traders have not changed their bearish sentiment on the pair, as 73% of all open positions still remain short. However, pending orders in the 100-pip range are 67% long, compared to 26% on Friday.
© Dukascopy Bank SA