"The US dollar is still trending higher and commodity prices are still looking soft."
— Mitchell McIntyre, HiFX (based on New Zealand Herald)
Pair's Outlook
During the first half of Tuesday's trading session the New Zealand Dollar had surged and met a notable resistance level against the US Dollar. The currency exchange rate has met with the monthly PP, which is located at the 0.6925. However, compared to the previous trading session, the currency pair had managed to reach above the resistance. If the rate will break the resistance, then it will reach for the 20-day SMA, which is located at the 0.6967 level. On the other hand a continuation of the decline might occur, and the rate will decline to the lower Bollinger band near the 0.6850 level.
Traders' Sentiment
Traders remain bullish, as 56% of open SWFX positions are long, and 72% of set up orders are to buy the New Zealand Dollar.
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