© Dukascopy Bank SA
– Michael Johnston, HiFX (based on New Zealand Dollar)
Pair's Outlook
The New Zealand Dollar surged slightly higher against the US Dollar, as the currency exchange rate rebounded against a combined support cluster of various levels of significance near 0.6950 level. Previously, during Friday's trading session the rate declined and fell after encountering support near 0.7045 mark. These movements are consistent with the fact that the rate is moving from a medium term descending channel's lower trend line to its resistance line. The rate is likely to climb until the end of this week.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 59% of open positions were short on Monday. In the meantime, trader set up orders were unchanged, as 51% of pending commands were set up to sell the Kiwi.
© Dukascopy Bank SA