© Dukascopy Bank SA
– HiFX (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar managed to break the first monthly resistance located at 0.7298 against the US Dollar by mid-day on Thursday. Previously, on Wednesday the rate skyrocketed by 102.5 pips, as US politics affected the strength of the US Dollar negatively, and positive data from New Zealand surprised even the most optimistic analysts. From a technical perspective almost all of the levels of significance have been passed up to the level of 0.7443, where the second monthly resistance is located at. The only exception is a one time confirmed trend line of a still forming ascending channel pattern at 0.7338.
Traders' Sentiment
Traders continue to short the pair, as 63% of open positions were bearish on Thursday. In the meantime, 60% of trader set up orders were to buy.
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