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– Imre Speizer, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar traded just above the 0.69 mark against the US Dollar by the middle of the session on Wednesday. Previously, during Tuesday's trading session the Kiwi fell against the US Dollar by 12 pips. However, before the close of the session the rate had fallen and reached below the support provided by the monthly S1, which is located at the 0.6903 level. In addition, during the move the pair touched the low level of 0.6883. Due to that it was expected that the pair will fall to at least the weekly S1 at 0.6850. Although, instead the rate has stopped its movement for now.
Traders' Sentiment
SWFX sentiment remains largely bearish, as 66% of open positions were short on Wednesday. In the meantime, 68% of trader set up orders were to sell the Kiwi.
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