© Dukascopy Bank SA
– Patrick Harker, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar stayed calm against the US Dollar during the first half of Wednesday's trading session. The reason for that was the fact that the markets were expecting the rate decision of the Reserve Bank of New Zealand, which was due to be announced at 20:00 GMT. From a technical perspective, the currency exchange rate traded almost flat around the weekly PP, and it could be clearly seen that the technical level is being ignored due to the strength of the upcoming fundamental data release.
Traders' Sentiment
Traders remain largely bearish on the pair, as 71% of trader open positions are short. Meanwhile, 66% of trader set up orders are to sell the New Zealand Dollar in favor for the Greenback.
© Dukascopy Bank SA