© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar traded higher by midday on Tuesday against the US Dollar, as the markets were expecting new fundamental data for clues on both the Greenback's and Kiwi's strength. However, from a technical perspective. The currency exchange rate had just reached and touched a previously revealed down trend, which after a review has clearly revealed itself as a short term channel down pattern in the borders of the larger ascending channel. Due to that, it is most likely that the Kiwi has exhausted its strength for the time being.
Traders' Sentiment
Traders have not changed their positions, as 53% of open positions are short. In the meantime, pending commands have shifted, as set up orders are 58% to buy.
© Dukascopy Bank SA