© Dukascopy Bank SA
- Philip Borkin, ANZ Bank New Zealand (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar was in a retreat against the Greenback in the first half of Monday's trading session. The currency exchange rate fell below the support provided by the newly calculated weekly PP, which is located at the 0.7196 level. Due to this factor the currency pair is set to fall to the monthly PP, which is located at 0.7184. The monthly level of significance is likely to hinder the fall. However, it will become obsolete, as the month is coming to an end. If the pivot points move out of the rates way, it will have no support as far as the 0.7145 level, where the previously analyzed strong support cluster begins.
Traders' Sentiment
Traders are firmly bearish on the pair, as 59% of open positions are short. In the meantime, 54% of trader set up orders are set to buy the Kiwi.
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