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– David Croy, ANZ Bank New Zealand
Pair's Outlook
The New Zealand Dollar was in its third consecutive session of gains against the US Dollar on Wednesday. Although the currency exchange rate had reached above the 0.7280 mark in the first half of Wednesday's trading session, it was still positioned to gain even more. Up until the 0.7308 level there are no notable levels of resistance, as at that point the second weekly resistance level is located at. In the meantime, the rate was supported by another weekly resistance, as the weekly R1 is located at 0.7241 and provided resistance on Wednesday.
Traders' Sentiment
Traders are majorly shorting the pair, as 73% of trader open positions are short. In the meantime, 63% of trader set up pending commands are set up to sell the Kiwi.
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