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— Ross Weston, Kiwibank (based on New Zealand Herald)
Pair's Outlook
During the first half of Tuesday's trading the New Zealand Dollar managed to fall and almost reach the 0.70 mark against the US Dollar. However, the rate found support in the 20-day SMA, which has given the Kiwi enough strength for it to begin to regain its losses. The pair is set to test the resistance of the weekly PP, which is located at 0.7039. If it will be broken, the Kiwi might surge up to the 0.7082 level, where the weekly R1 is located at against, the US Dollar. On the other hand the pair might fail and fall back to the 0.7007 level, where the 20-day SMA is located at.
Traders' Sentiment
Traders remain neutral bearish, as 51% of open positions are short on Tuesday. In the meantime, 54% of set up orders are to sell.
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