© Dukascopy Bank SA
– based on FX Empire
Pair's Outlook
The New Zealand Dollar continued its rise higher against the US Dollar on Thursday. However, as mentioned yesterday, the currency exchange rate is being slowed down by the 50.00% Fibonacci retracement at 0.7468. The retracement is providing resistance, which the rate reached on Wednesday and moved more than once above it during the day's trading session. The previous forecast for a continuation of the surge still remains intact, as the Kiwi is set to soon be supported from the downside by the upper Bollinger band, which will provide the necessary momentum.
Traders' Sentiment
Traders remain largely bearish on the pair, as 75% of open positions are short. In the meantime, pending orders are 57% to buy.
© Dukascopy Bank SA