© Dukascopy Bank SA
- Ross Weston, Kiwibank (based on New Zealand Herald)
Pair's Outlook
Although the Kiwi started the week with a higher opening than the previous closing price against the US Dollar, the currency pair declined by the middle of Monday's trading. It can be noticed, that both on Friday and on Monday the 0.6950 level provided resistance to the pair. Near that level on Monday was also located this week's pivot point at 0.6953 mark. Due to the fact that the rate already bounced off the resistance cluster, it is likely set to fall down to the closest support at the 0.6865 level, where the lower Bollinger band and weekly S1 are located at.
Traders' Sentiment
Traders have decreased their bullish outlook, as 57% of open positions are long on Monday, compared to 60% on Friday. However, 59% of trader set up orders are set to buy the Kiwi.
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