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- Tim Kelleher, ASB Bank (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar marked its fifth consecutive trading session of losses against the US Dollar, as the currency exchange rate fluctuated near the 0.71 mark on mid-Tuesday. However, the pair fluctuated just above the trend line of the large scale ascending channel pattern's lower trend line, which on Tuesday was located at 0.7080. On the other hand the 38.20% Fibo retracement level still provides resistance at 0.7134. It is likely that the pair will be squeezed in between these two levels in the upcoming trading sessions.
Traders' Sentiment
Traders remain bearish on the Kiwi, as 58% of trader open positions were short on mid-Tuesday. Meanwhile, trader set up orders had become bullish, as 56% of pending commands were to buy, compared to almost neutral 52% on Monday.
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