© Dukascopy Bank SA
– John Chisholm, HiFX (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar retreated by mid-Wednesday against the US Dollar, as the currency exchange rate fell and traded just above the 200-day SMA. During the previous session the simple moving average provided enough support for the rate to bounce back up to almost the opening price, as it was falling prior to that. It is most likely that it will occur once more on Wednesday. However, close by is also located the weekly PP at 0.7055, which might hinder the surge. Although, by looking at the daily chart, it can be seen that the pivot point is being ignored by the pair.
Traders' Sentiment
Traders have increased their bearish outlook, as 61% of open positions were short on Wednesday. Meanwhile, trader set up orders were no longer neutral, as 55% of pending commands were to buy the Kiwi.
© Dukascopy Bank SA