NZD/USD set up for a decline

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Kiwi break below .7204 (8/29 low) shifts focus towards the January-May trendline. That line is near .7020 now."  
– Jamie Saettele, CMT (based on Daily FX) 

Pair's Outlook 
By mid-day on Wednesday the Kiwi tried to break through the resistance cluster against the US Dollar. However, the currency pair was set to fall even further than before, as by the end of Tuesday's trading session the pair had fallen through the support provided by the before mentioned level of significance. Due to that, the exchange rate has no support until the level of 0.6996, where the second weekly support level is located together with the possible lower trend line of a large scale ascending channel pattern. 

Traders' Sentiment 
SWFX traders remain bearish regarding the pair, as 56% of open positions are short. In the meantime, pending commands shifted and became bullish, as 58% of set up orders are to buy.
© Dukascopy Bank SA

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