© Dukascopy Bank SA
– based on Forex Crunch
Pair's Outlook
The New Zealand Dollar depreciated against the US Dollar for the fourth consecutive session in midday on Monday, as the currency exchange rate was trading at 0.7103 by 11:30 GMT. During the session, the pair touched the monthly PP at 0.7069 at 00:00 GMT, but it rebounded afterwards. It is most likely, that the pair will move upwards to the 38.20% Fibonacci retracement at 0.7145, and afterwards it will fall back to the monthly PP. In addition, daily aggregate technical indicators also forecast a surge for today.
Traders' Sentiment
Traders continue their bearish sentiment with the start of a new week, as 73% of open SWFX positions are short on Monday. In the meantime, pending orders in the 100-pip range are 66% short.
© Dukascopy Bank SA