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- Jason Wong, Bank of New Zealand (New Zealand Herald)
Pair's Outlook
The New Zealand Dollar fluctuated almost unchanged against the US Dollar by mid-Tuesday, as the currency exchange rate bounced around just above the weekly PP 0.7055. Previously, on Monday the currency exchange pair found support near the 0.7030 level and surged up to 0.7070 during the session. During this move various resistances were easily passed. However, most importantly, a large scale ascending pattern has revealed itself. Although, regarding today, the Kiwi is expected to stay where it started the day against the Greenback.
Traders' Sentiment
SWFX bullish sentiment has paused its rise, as 56% of open positions were short on Tuesday, compared to 58% on Monday. In the meantime, trader pending commands have remained unchanged, namely 51% of set up orders are to buy.
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