© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
On a larger scale the Kiwi is doing good and appreciated against the Greenback in accordance with the previous Dukascopy forecasts. However, the previous 24 hours have revealed an unpredicted phenomenon, as the volatility of the currency exchange rate provides simultaneously an opportunity for short term level traders and a problem for medium term traders to set up their stop losses. In addition, the currency exchange rate still can't break free from the rising wedge's and ascending channel's combined support line.
Traders' Sentiment
The SWFX trader sentiment remains bearish on the pair, as 63% of open positions are short. In addition, pending orders are 57% short. Combined these numbers indicate, that there is a room for a surge. However, traders are expecting the rate to still fall before it surges.
© Dukascopy Bank SA