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- Sharon Zollner, ANZ Bank New Zealand (based on New Zealand Dollar)
Pair's Outlook
During the first half of Tuesday's trading session the New Zealand Dollar against the US Dollar exchange rate bounced around the monthly pivot point. The pivot point, which is located at 0.7184 had been keeping the currency exchange rate from falling lower for the past three consecutive trading sessions. However, for slight moments the exchange rate manages to move below it. This might be explained by the fact that the markets are expecting clues from Janet Yellen regarding the future of US monetary policy. Otherwise the pair was still set to fall at least to the 0.7135 level during the session.
Traders' Sentiment
SWFX markets sentiment remain unchanged, as 58% of open positions are short. In the meantime, 52% of trader set up orders are to sell the Kiwi.
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