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– 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.
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