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– Alex Hill, NZForex (based on New Zealand Herald)
Pair's Outlook
By mid-day on Thursday the Kiwi had slightly depreciated against the US Dollar. However, it was more volatile to the upside. It seems that the rate moves from one short term trend line to another in a 36 hour timeframe, since it has been bouncing in such way all of this week. Yesterday it hit that pattern's lower trend line and began a rebound, and during this session the rate met with the same channel's resistance. The rate is most likely going down in the same manner until it reaches the strong support cluster at 0.7025.
Traders' Sentiment
Traders are fully neutral on the pair, as SWFX open positions are divided 50% to 50%. Meanwhile, trader set up orders remain bullish, as 61% of traders have set up pending commands to buy the Kiwi.
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