© Dukascopy Bank SA
– David Song, Daily FX
Pair's Outlook
During the first half of Tuesday's trading session the New Zealand Dollar attempted to move higher against the US Dollar and pass the weekly R1, which is located at 0.7370. However, by the middle of the day the pair had not only failed to move higher, but also had retreated below the weekly PP and traded below the 0.73 mark. Due to that the previous forecast of a fall to the weekly S1, which is located at 0.7256, remains in force. However, daily aggregate technical indicators continue to forecast a surge of the pair not only on daily, but also on a weekly timeframe.
Traders' Sentiment
Traders remain bearish regarding the pair, as 73% of trader open positions are short. In the meantime, 55% of trader set up orders are set up to sell the Kiwi.
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