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— Philip Borkin, ANZ Bank New Zealand (based on New Zealand Herald)
Pair's Outlook
During the first half of Thursday's trading session the New Zealand Dollar traded against the US Dollar below the weekly pivot point, which is located at the 0.7039 level. Although the pair has slowly and slightly declined for the past three trading sessions, technical clues indicate that the Kiwi will surge against the Greenback. The reason for that is the fact that there is a strong support cluster below the currency exchange rate. At the 0.6998 level is the 20-day SMA, which is approaching the combined support of the weekly S1 and monthly S2 at the 0.6987 mark.
Traders' Sentiment
Traders remain neutral bearish for the fourth consecutive trading session, as 51% of open positions are short. Meanwhile, 57% of trader set up orders are to sell the Kiwi.
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