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– Graeme Wheeler, Reserve Bank of New Zealand (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar is gaining ground against the US Dollar without the slightest problem on Tuesday, as the currency exchange rate started the day's trading session at 0.7271, and it had surged to 0.7330 by 11:30 GMT. Although, the rate is nearing the upper Bollinger band at 0.7339 and the weekly R1 at 0.7347, which are providing resistance to the Kiwi's surge against the Greenback. However, taking into account the latest news from the RBNZ, it is most likely, that the currency pair will be only slightly hindered by the before mentioned resistance levels.
Traders' Sentiment
Traders increased their bearish sentiment by 10%, as 72% of open positions are short on Tuesday, compared to 62% on Monday. In the meantime, pending commands are 65% long.
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