© Dukascopy Bank SA
– Ilya Spivak, Daily FX
Pair's Outlook
The Kiwi continued to score gains against the US Dollar during the first half of Friday's trading session. During the move, the rate broke the second weekly resistance at 0.7124. However, the rate is still likely to break through the 38.20% Fibonacci retracement level at 0.7134, 100-day SMA at 0.7150 and the first monthly resistance at 0.7160. Although, if these resistance levels are not broken, the currency exchange rate is set to fall below to at least the 0.7089 level, where the 200-day SMA is located at.
Traders' Sentiment
Traders remain bearish regarding the Kiwi, as 64% of open positions are short. In the meantime, 55% of pending commands are to sell the New Zealand Dollar.
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