© Dukascopy Bank SA
– based on FX Empire
Pair's Outlook
The New Zealand Dollar continues its race northwards against the US Dollar. On Wednesday the currency exchange rate broke what was left of resistance before the cluster from 0.7526 to 0.7545, surrounding a trend line of the rising wedge pattern, in which the currency exchange rate has been since January. Previously, on Tuesday the rate broke out of ascending triangle patter, which gave the rate the most recent upward momentum. However, the currency rate struggled with the 50.00 Fibonacci retracement at 0.7468 by 11:00 GMT on Wednesday.
Traders' Sentiment
Traders remain largely bearish on the pair, as 72% of open positions are short. In the meantime, pending orders are 57% to buy.
© Dukascopy Bank SA