© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The Kiwi continued the fall against the Greenback, which occurred after the currency exchange rate encountered resistance put up by the 55-day SMA at 0.7249 and the second weekly resistance at 0.7256. In the following fall the currency exchange rate fell below a support cluster by mid-Friday, as the rate had fallen to 0.7160, which means that there was no additional support until the level of 0.7134, where the 38.20% Fibonacci retracement is located at. It is most likely that the rate will fall to the before mentioned Fibo level by the end of the day's trading session.
Traders' Sentiment
Traders remain bearish on the pair, as 57% of open positions were short on Friday. In the meantime, pending commands remained neutral.
© Dukascopy Bank SA