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– Forex Crunch
Pair's Outlook
After finally breaking free from the ascending wedge's support line the Kiwi slowed down the sub sequential surge against the US Dollar. From a technical perspective the main reason for the slowdown is the 20-day SMA, which provided resistance after market participants took out profits and moved the rate lower on early morning, as indicated by the change in the market sentiment. However, the New Zealander is most likely to continue the surge soon, as it faces no resistance up to the level of 0.7365.
Traders' Sentiment
Traders remain largely bearish view on the pair, as 60% of open positions are short. In the meantime, pending orders have shifted and are 53% to buy the pair.
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