© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The New Zealand Dollar appreciated against the US Dollar on Wednesday, as the currency exchange rate moved from 0.7222 at the start of the day's trading session to 0.7247 by 11:30 GMT. The rate rebounded, as it was pressured by the support provided by the 20-day SMA, which was broken for a moment, but after some struggle managed to change the pair's direction. The currency pair is most likely to continue to surge, as the next resistance is provided by the weekly pivot point at 0.7279, and from the downside there is a large cluster of support, which strengthens the pairs channel upward pattern's lower trend line at 0.7194.
Traders' Sentiment
Trader open positions are 75% short, and pending commands are 67% of orders are to sell.
© Dukascopy Bank SA